Bitcoin has fallen 12.7% from the year's high of $58,354.14 on Feb. 21
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The cryptocurrency was last trading at $51,607
The trading desk reboot comes amid growing interest by institutions in bitcoin, which has soared more than 470% over the past year
Bitcoin is at a "tipping point" and could either become the preferred currency for international trade or face a "speculative implosion," Citi analysts said.
Bitcoin is still up more than five times over the past year, a divisive rally pitting believers in a new asset class against naysayers who see a speculative bubble
Bitcoin dropped 6.39% to $43,165.78 on Sunday, losing $2,944.20 from its previous close.
The sell-off echoed that in equity markets
For Gates, it's not something Main Street should buy into - plus it's bad for the environment as mining the coins requires a lot of energy.
The firm said in December that it had confidentially applied with the US Securities and Exchange Commission (SEC) to go public
It is safer to build a diversified basket of cryptocurrencies
Investors focused on environmental, social and governance (ESG) factors may also have cause for concern
LONDON/NEW YORK (Reuters) - A dive in Bitcoin's price spilled onto shares of Tesla Inc, which recently disclosed that it held a $1.5 billion investment in the cryptocurrency, and slammed exchange-traded funds holding the stock on Tuesday.
The stock dropped as much as 12% to $627.10 in New York on Tuesday
The world's biggest cryptocurrency suffered its biggest daily drop in a month
Bitcoin has also swung into a bear market, falling from a peak of $58,354 on Feb. 21
Tesla's biggest decline since September was fueled in part by Musk's comments over the weekend that the prices of Bitcoin and smaller rival Ether 'do seem high'
Ether, the coin linked to the ethereum blockchain, also dropped more than 5% and last bought $1,707, down almost 17% from last week's record peak
The most popular cryptocurrency rallied over the weekend to record levels, almost doubling year-to-date. It hit a market capitalisation of $1 trillion on Friday
Bitcoin, which commands more than $50,000 on any exchange today, was founded anonymously in 2009