Bitcoin tumbles 9% after hitting record high above $61,000
- Bitcoin fell as much as 9% on Monday as investors took profits following a weekend record.
- The cryptocurrency climbed as high as $61,742.41 on Saturday and continued to flirt with $62,000 on Sunday.
- The consolidation came amid reports that India is considering a partial ban on cryptocurrencies.
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Bitcoin fell as much as 9% on Monday after hitting a record high over the weekend as investors scrambled to take profits.
The cryptocurrency slipped to $54,733.53 at intrasession lows after surging to $61,742.41 on Saturday and continuing to flirt with the $62,000 level through Sunday.
Crypto investors are also weighing the implications of a Reuters report that India will propose a law banning cryptocurrencies that would fine anyone for trading or holding it. The coin dipped on the news before recovering some losses after Finance Minister Nirmala Sitharaman walked back the report.
"Bitcoin quickly became an overheated market, triggering many crypto whales to lock in profits," Edward Moya, senior market analyst at Oanda, told Insider. "The anticipation of a cryptocurrency ban in India was already telegraphed, but provided added fuel to the bitcoin pullback."
Bitcoin's latest leg down comes after the passing of President Joe Biden's $1.9 trillion stimulus bill helped trigger the weekend surge. The decline also dragged other cryptocurrencies lower, with ether down as much 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.
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