Bitcoin last down 5.1% at $38,391.36

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FILE PHOTO: Representation of cryptocurrency Bitcoin is seen in this illustration

(Reuters) – Bitcoin dropped 5.1% to $38,391.36 on Tuesday, down $2,229.82 from its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, is up 16% from the year’s low of $32,950.72 on Jan. 24.

Ether, the coin linked to the ethereum blockchain network, dipped 5.6% to $2,837.45 on Tuesday, losing $168.25 from its previous close.

(Reporting by Jose Joseph in Bengaluru; Editing by Sriraj Kalluvila)