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Cryptocurrencies fall on Russia ban

Russia United States

A picture shows a visual representation of the digital cryptocurrency Bitcoin. (Photo: AFP)

Cryptocurrency prices tumbled after Russia proposed banning the use and mining of cryptocurrencies while traders fret over an impending blow to the market's liquidity from the quantitative easing tapering and interest rate hikes.

Bitcoin slipped below the US$40,000 level to $35,226 yesterday at 1pm while Ethereum plunged below $3,000 to $2,446.

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