- Bitcoin fell as a lot as 9% on Monday as buyers took earnings following a weekend report.
- The cryptocurrency climbed as excessive as $61,742.41 on Saturday and continued to flirt with $62,000 on Sunday.
- The consolidation got here amid studies that India is contemplating a partial ban on cryptocurrencies.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Bitcoin fell as a lot as 9% on Monday after hitting a report excessive over the weekend as buyers scrambled to take earnings.
The cryptocurrency slipped to $54,733.53 at intrasession lows after surging to $61,742.41 on Saturday and persevering with to flirt with the $62,000 degree by way of Sunday.
Crypto buyers are additionally weighing the implications of a Reuters report that India will suggest a legislation banning cryptocurrencies that will fantastic anybody for buying and selling or holding it. The coin dipped on the information earlier than recovering some losses after Finance Minister Nirmala Sitharaman walked again the report.
“Bitcoin shortly grew to become an overheated market, triggering many crypto whales to lock in earnings,” Edward Moya, senior market analyst at Oanda, instructed Insider. “The anticipation of a cryptocurrency ban in India was already telegraphed, however supplied added gas to the bitcoin pullback.”
Bitcoin’s newest leg down comes after the passing of President Joe Biden’s $1.9 trillion stimulus bill helped set off the weekend surge. The decline additionally dragged different cryptocurrencies decrease, with ether down as a lot as 7%, to $1,736.57.
The coin was down 5.5%, at $56,966.42, as of 9:35 a.m. in New York.