Bitcoin sank Wednesday, reversing part of a recent rally that pushed the cryptocurrency to a 21-month high.
Bitcoin recently traded at under $42,600 apiece, down more than 5% from its 5 p.m. ET level on Tuesday.
The fall hit traders’ bets that bitcoin’s dollar value would rise. Over the past 24 hours, about $137 million of such bets were wiped out, according to Coinglass data.
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