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Bitcoin falls 7.03% to $20,969.32

Illustration shows representation of cryptocurrency Bitcoin plunge into water

(Reuters) - Bitcoin dropped 7.03% to $20,969.32 at 20:04 GMT on Thursday, losing $1,585.95 from its previous close.

Bitcoin, the world's biggest and best-known cryptocurrency, was down 56.5% from this year's high of $48,234 on March 28.

Ether, the coin linked to the ethereum blockchain network, dropped 10.71% to $1,104.76 on Thursday, losing $132.47 from its previous close.

(Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Shinjini Ganguli)