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Bitcoin fell on Wednesday to a new 18-month low, dragging down smaller tokens with it, as the recent tumble in crypto markets showed no sign of letting up.

Billionaire Bill Gates has dismissed cryptocurrency projects such as non-fungible tokens as shams “based on the greater-fool theory”.

Bitcoin entered uncharted territory on Wednesday after breaching $10 000 for the first time, leaving investors to wonder how long the rally will go – and whether it will end in tears. The digital currency climbed as much as