Bitcoin slips sharply from record high of $ 58,354 in one day

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Bitcoin fell sharply on Monday after jumping to a record $ 58,354 (approximately Rs. 42 lacquer) a day earlier as a sell-off in global stocks curbed risk appetite.

The most popular cryptocurrency gathered over the weekend to record levels, almost doubling so far. On Friday, it reached a market capitalization of $ 1 trillion (approximately Rs 72.46,360 crore).

Bitcoins profits are fueled by signs that it is gaining recognition among major investors and companies from Tesla and Mastercard to BNY Mellon.

It fell 6% on Monday and last traded 4.4% to $ 54,941 (approximately Rs. 39.8 lacquer). Rival cryptocurrency Ether fell 7 percent to $ 1,798 (roughly Rs. 1.3 lacquer) after also reaching a record high on Saturday.

Traders said the move was largely technical and not related to any specific news catalyst.

“We finally saw some momentum over the weekend, but the rallies over the weekend have not been sustainable lately,” said Joseph Edwards of Enigma Securities, a cryptocurrency broker in London.

“We tend to think there’s a big chance of a week’s decline and a small correction from that, although that won’t dull the medium-term outlook much.”

Tesla boss Elon Musk, whose bitcoin tweets added fuel to the cryptocurrency rally, said on Saturday the price of bitcoin and etherium looks high.

© Thomson Reuters 2021

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