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By Tommy Wilkes, Sujata Rao, and Gertrude Chavez-Dreyfuss NEW YORK/LONDON (Reuters) –Cryptocurrencies that seemed to be defying gravity just weeks ago came back down to earth with a bump on Wednesday after a roller-coaster ride which 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. While many analysts thought the expl…

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