Bitcoin drops after its all-time high

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Bitcoin dropped on Monday after surging to its latest record high a day before as a sell-off in global equities curbed risk appetite, with a few investors also citing concern about the rapid rise in the price of the virtual currency.

Bitcoin, which rallied on Sunday to a peak of $58,354, was still up more than 80% this year. Since hitting a low in March below $4,000, bitcoin has surged nearly 1,200%.

Ethereum, which tends to move in second to bitcoin, also tumbled after hitting a record high on Saturday.It hit a three-week low on Monday and was last down about 8.2% at $1,774.

Bitcoin’s rise has been fuelled by its gaining acceptance among mainstream companies and investors such as Tesla, Mastercard and BNY Mellon.


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