Bitcoin and ether are both down more than two-thirds from their peaks

Enlarge / Ether, the cryptocurrency of the Ethereum network. (credit: https://ethereumprice.org/)

Ether, the currency of the Ethereum network, has plunged 9 percent over the last 24 hours. The virtual currency is now worth about $290-the first time it has been below $300 this year.

The declining price is part of a broader cryptocurrency sell-off that saw most major cryptocurrencies lose value over the last 24 hours. And it's part of a longer-term trend that has seen the gradual deflation of last year's cryptocurrency bubble.

Bitcoin, the world's most valuable currency, has lost only 1 percent of its value over the last 24 hours. But it has drifted steadily downward this year, falling from a high of almost $20,000 in mid-December to $6,250 today.

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