Bitcoin falls 5.1% to $42,689

FILE PHOTO: Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello/File Photo

(Reuters) - Bitcoin fell 5.07% to $42,689 at 23:03 GMT on Wednesday, losing $2,281 from its previous close.

The world's biggest and best-known cryptocurrency is down 7% from the year's high of $45,922 on January 2.

Ether, the coin linked to the ethereum blockchain network, dipped 6.54% to $2,202.4 on Wednesday, losing $154.1 from its previous close.

(Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Pooja Desai)