Bitcoin fell on Wednesday to its lowest level in 1-1/2 weeks, taking losses since hitting a record high last week to around 12 per cent – though the digital currency is still on track for its best month since February.
Bitcoin, the world’s largest cryptocurrency, fell as much as 3.7 per cent to $58,100, its lowest since Oct. 15. It has lost 12.1 per cent since it hit an all-time high of $67,016 on Oct. 20.
Bitcoin was trading down 2.3 per cent at $58,965. Smaller coins such as ethereum and ripple which tend to move in tandem with bitcoin also fell between 3.5 per cent- 7 per cent.
Bitcoin’s losses were down to traders taking profit from its recent rally, said Tony Sycamore, analyst at City Index. The digital currency has notched up gains of almost 35 per cent so far this month, which if maintained would be its best performance in eight months.
Bitcoin is facing “a short-term downtrend,” said Du Jun, co-founder of major crypto exchange operator Huobi Group, adding that further falls may be limited given relatively low trading volumes.