Bitcoin falls more than 4% to near $60,000

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Bitcoin falls more than 4% to near $60,000

Bitcoin, the world’s biggest and best-known cryptocurrency, fell more than 4 percent on Tuesday as it extended a decline through a week that also included an upgrade to its blockchain.

Bitcoin fell to $60,350 at its lowest for the day, taking losses from a record high of $69,000 struck on November 10 to more than 11 percent.

 

Ether, the second-biggest cryptocurrency by market value, was down 4.5 percent at $4,355.4.

Cryptocurrency analysts said there did not seem to be any news driving the declines, and the moves seemed driven by profit taking after the sharp run-up.

“There is a lack of news and this is some pure selling of spot and some additions of short selling. Outside of this, there is no significant news,” said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds.

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