• Reuters

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Cryptocurrencies that seemed to be defying gravity just weeks ago came back down to earth with a bump Wednesday after a roller-coaster ride that could undermine their potential as mainstream investments.

The two main digital currencies, bitcoin and ether, fell as much as 30% and 45% respectively, but significantly pared losses after two of their biggest backers — Tesla Inc. chief Elon Musk and Ark Invest’s Chief Executive Cathie Wood — indicated their support for bitcoin.

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