Bitcoin drops more than 4% to nearly $60,000
Singapore: Bitcoin, the world’s largest and most popular cryptocurrency, fell more than 4% on Tuesday as it extended its decline over the course of a week, which also included an upgrade to its blockchain.
Bitcoin has dropped to as low as $60,350 on the day, taking losses from its record high of $69,000 that occurred on November 10 to more than 11%.
Ether, the second largest cryptocurrency by market value, was down 4.5% at $4,355.4.
There doesn’t seem to be any news driving the decline, and the moves appear to be driven by profit-taking after the sharp rally, crypto analysts said.
“There is a lack of news and here is some spot selling and some additional short selling,” said Matthew Dibb, chief executive officer of Stack Funds, a crypto asset manager based in Singapore. Other than that, there is no major news.”
Bitcoin’s value has more than doubled since June, fueled by cryptocurrency mainstream adoption and the recent launch of bitcoin futures-based exchange-traded funds in the United States. .
It underwent a major upgrade, called Taproot, on Sunday that allows its blockchain to perform more complex transactions, potentially expanding the virtual currency’s use cases and making it competitive. slightly more competitive with ethereum to handle smart contracts.
Smart contracts are self-executing transactions whose outcome depends on preprogrammed inputs.
(This story has not been edited by NDTV staff and was automatically generated from the feed provided.)