Bitcoin falls as much as 6pc as it pulls back from record high

A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020. — Reuters pic

Subscribe to our Telegram channel for the latest updates on news you need to know.

---

SINGAPORE, Feb 23 — Cryptocurrency bitcoin dropped as much as 6pc in Asia trade on Tuesday and was trading around US$52,000 as it pulls back from record highs following a long and sharp rally.

Bitcoin hit a low of US$50,848 in the session following a wild ride on Monday where it traded in a US$10,000 range. It's up nearly 90 per cent from the year's low of US$27,734.

Ether, the coin linked to the ethereum blockchain, also dropped more than 5 per cent and last bought US$1,707, down almost 17 per cent from last week's record peak. — Reuters

Source: Malay Mail