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

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

FILE PHOTO: Representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken May 20, 2021. REUTERS/Dado Ruvic/File Photo

LONDON : Bitcoin fell on Wednesday to its lowest level in 1-1/2 weeks, taking losses since hitting a record high last week to around 12per 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 3.7per cent to US$58,100, its lowest since Oct. 15. It has lost 12.1per cent since it hit an all-time high of US$67,016 on Oct. 20.

By 1413 GMT, bitcoin was trading down 2.3per cent at US$58,965. Smaller coins such as ethereum and ripple which tend to move in tandem with bitcoin also fell between 3.5per cent-7per 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 35per 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.

(Reporting by Tom Wilson; Editing by Saikat Chatterjee)

Source: Reuters

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