Crypto Today: Bitcoin reverses sharply from above $ 17k mark

Bitcoin, (BTC/USD) the world’s largest cryptocurrency, plunged nearly 15% from the record highs of $ 17160 reached in early Asia, as investors resort to profit-taking after the most dominant cryptocurrency rallied $ 4000 over the last two trading sessions.

The spot is seen reversing yesterday’s solid upsurge, despite the latest headlines from Goldman Sachs Spokeswoman, announcing that the US banking giant is planning to clear Bitcoin futures for some clients as the new contracts go live on CME and CBOE exchanges next week.

The renewed sell-off in Bitcoin can be mainly attributed to the reports that a crackdown on organized crime by Bulgarian law enforcement in May resulted in the seizure of more than 200,000 bitcoins – an amount worth more than $3 billion at today's prices, according to CoinDesk.

As of writing, BTC/USD on Bitfinex is down -12% and trade near $ 14,760, having topped above the $ 17k mark. Meanwhile, on the Coinbase exchange, the digital currency hit a high of $19,340 before falling more than 20 percent from that level to $15,198.63. 

Despite the volatility, Bitcoin sits at the market capitalization of $ 284 billion, implying that it would rank among the 20 largest stocks in the S&P 500. The total market capitalization of the cryptocurrencies surpassed $ 400 billion mark to sit at $ 435.24 billion.

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