Bitcoin surged to a record value Tuesday for the first time in more than two years, yet the original cryptocurrency didn¡¯t stay at its new all-time high very long as many traders appeared to take the opportunity to book some profit.
The token jumped as much as 2.5% to $69,191.95 shortly after 10 a.m. in New York, then almost immediately reversed course in a plunge that at one point sent it 14% below the record to $59,317.16.
¡°Given that nearly everyone who has ever bought Bitcoin is now in profit, there are decent odds we see some amount of profit taking,¡± said Zaheer Ebtikar, founder of crypto fund Split Capital.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.