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- Bitcoin fell by up to 9% on Monday, with investors making profits after a record high over the weekend.
- The cryptocurrency rose to $ 61,742.41 on Saturday and continued to flirt with $ 62,000 on Sunday.
- The consolidation came amid reports that India is considering a partial ban on cryptocurrencies.
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Bitcoin fell by up to 9% on Monday, after reaching a record high over the weekend, with investors struggling to realize profits.
The cryptocurrency fell to $ 54,733.53 in low intrasession, after rising to $ 61,742.41 on Saturday and continuing to flirt with the $ 62,000 level until Sunday.
Crypto investors are also weighing the implications of a Reuters report that India will propose a law that bans cryptocurrencies and would fine anyone for trading or maintaining them. The coin fell on the news before recovering some losses after Finance Minister Nirmala Sitharaman reversed the report.
“Bitcoin quickly became an overheated market, causing many cryptographic whales to make a profit,” Edward Moya, senior market analyst at Oanda, told Insider. “The anticipation of a cryptocurrency ban in India has already been telegraphed, but it has provided additional fuel for the withdrawal of bitcoin.”
Bitcoin’s latest downturn came after the approval of President Joe Biden’s $ 1.9 trillion stimulus project helped trigger the rise over the weekend. The decline also pulled other cryptocurrencies down, with the ether dropping up to 7%, to $ 1,736.57.
The currency fell 5.5% to $ 56,966.42 at 9:35 am in New York.
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Markets Insider