Bitcoin slips sharply from record highs
Bitcoin’s gains have been fuelled by signs it is gaining acceptance among mainstream investors and companies, from Tesla Inc and Mastercard Inc to BNY Mellon
Bitcoin fell sharply on Monday after surging to a record $58,354 a day earlier, as a selloff in global equities curbed risk appetite.
The most popular cryptocurrency rallied over the weekend to record levels, almost doubling year-to-date. It hit a market capitalisation of $1 trillion on Friday.
Bitcoin’s gains have been fuelled by signs it is gaining acceptance among mainstream investors and companies, from Tesla Inc and Mastercard Inc to BNY Mellon.
It fell as much as six per cent on Monday, and was last trading down 4.4 per cent at $54,941. Rival cryptocurrency ether fell seven per cent to $1,798 after also hitting a record high on Saturday.
Traders said the move was largely technical, and not tied to any particular news catalyst.
“We did finally see some momentum gathering over the weekend, but weekend rallies haven’t been sustainable lately,” said Joseph Edwards of Enigma Securities, a cryptocurrency broker in London.
“We do tend to think that there’s a good chance of a down week and small correction coming in off of this, although it does little to dull medium-term prospects.”
Tesla boss Elon Musk, whose tweets on bitcoin have added fuel to the cryptocurrency’s rally, said on Saturday the price of bitcoin and ethereum seemed high. — Reuters
Abu Dhabi Islamic Bank (ADIB) has announced that its board of... READ MORE
The staff situation in Spain, another production site for the... READ MORE
Women empowerment advocacy has yielded positive outcomes at the... READ MORE
Private sector economic activity improves at slower pace. READ MORE
212 children rescued from beginning of 2020 till end of February 2021. READ MORE
Passengers will be able to embark on outbound travel from Mauritius. READ MORE
218 mosques were temporarily closed in the past 26 days, with 196... READ MORE
The registration for the next academic year will run until April 1. READ MORE