Bitcoin slips on profit-taking but on track for biggest gain in 8 months

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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% – 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% to $58,100, its lowest since Oct. 15. It has lost 12.1% since it hit an all-time high of $67,016 on Oct. 20.

By 1413 GMT, Bitcoin was trading down 2.3% at $58,965.

Smaller coins such as ethereum and ripple which tend to move in tandem with Bitcoin also fell between 3.5%-7%.

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% 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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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