Bitcoin Slides On Profit Taking But On Track For Biggest Payoff In 8 Months

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Representations of the Bitcoin virtual currency stand on a motherboard in this photo illustration taken on May 20, 2021. REUTERS / Dado Ruvic / File Photo

LONDON, Oct. 27 (Reuters) – Bitcoin fell to its lowest level in a week and a half on Wednesday, taking losses since hitting a record high last week at around 12% – although digital currency is still on track for its best month since February.

Bitcoin, the world’s largest cryptocurrency, fell 3.7% to $ 58,100, its lowest since October 15. It has lost 12.1% since reaching an all-time high of $ 67,016 on October 20.

As of 2:13 p.m. GMT, bitcoin was trading down 2.3% to $ 58,965. Smaller coins such as Ethereum and Ripple, which tend to move in tandem with bitcoin, also fell between 3.5% and 7%.

Bitcoin’s losses are due to traders taking advantage of its recent rally, said Tony Sycamore, analyst at City Index. The digital currency has seen gains of almost 35% so far this month, which, if sustained, would be its best performance in eight months.

Bitcoin faces “a short-term downtrend,” said Du Jun, co-founder of leading crypto exchange operator Huobi Group, adding that further declines could be limited given the relatively low transaction volumes. .

Reporting by Tom Wilson; Editing by Saikat Chatterjee

Our Standards: The Thomson Reuters Trust Principles.

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