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Bitcoin falls 30%, smashing 'haven' expectations

Holders reel as cryptocurrencies fall in tandem with other asset classes

Bitcoin has fallen sharply as equity markets have tumbled (Photo by Wataru Ito) 

TOKYO -- The price of bitcoin, the world's most traded cryptocurrency, plunged 30% on Friday amid widespread market turmoil -- defying expectations from some advocates that cryptocurrencies would withstand shocks in traditional financial markets.

The selloff ended a months-long crypto rally that accelerated in January after tensions rose between Iran and the U.S., and peaked in February when the price of bitcoin surpassed an all-time high of $10,000. On Friday bitcoin was trading at around $5,000 while Ethereum, the second-most used cryptocurrency, fell as much as 49% to trade under $100.

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