Bitcoin down nearly 30% from record highs

Dhwani Mehta FXStreet

Bitcoin, the world’s largest cryptocurrency extended its recent selling spiral by dropping 15% over the weekend to test $ 5500 mark.

However, the sell-off was short-lived, as the cryptocurrency swung back higher and recovered most losses to revert back to 6400 levels, according to CoinDesk.

It’s worth noting that Bitcoin is down nearly 30% from its record high posted above $ 8000 mark last week on news of calling off a SegWit2x upgrade.

The latest leg lower in Bitcoin can be mainly attributed to profit-taking after a more than 800% surge this year.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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