Bitcoin extends retreat from record high to hit lowest in 20 days
Bitcoin dropped 6.39% to $43,165.78 on Sunday, losing $2,944.20 from its previous close.
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Bitcoin. Photo: Bloomberg
(Reuters) - Bitcoin dropped 6.39% to $43,165.78 on Sunday, losing $2,944.20 from its previous close.
Bitcoin, the world's biggest and best-known cryptocurrency, has fallen 26% from the year's high of $58,354.14 on Feb. 21 when it soared amid increasing confidence that it will become a mainstream investment and payments vehicle.
Major firms such as BNY Mellon, asset manager BlackRock Inc and credit card giant Mastercard Inc have backed cryptocurrencies. Tesla Inc, Square Inc and MicroStrategy Inc have invested in bitcoin.
Ether, the coin linked to the ethereum blockchain network, dropped 8.88% to $1,329.46 on Sunday, losing $129.57 from its previous close.
(Reporting by Juby Babu in Bengaluru; Editing by Lisa Shumaker)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Mar 01 2021 | 2:49 AM IST