Bitcoin rose 6% to $65,700 after hitting record highs yesterday, before tumbling 11% to $60,000 on profit-taking.
The cryptocurrency topped $69,210 on Tuesday morning in New York, according to Coin Metrics, before retreating. It was recently trading little changed at $67,481.
Bitcoin jumped to more than $69,000 yesterday to record a new peak, before losing all of its gains for the current month of March.
“Given that almost everyone who bought Bitcoin is now making a profit, there is a good chance that we will see some profit-taking,” said Zuhair Ebtekar, founder of cryptocurrency fund Split Capital.
ETFs launched by firms such as BlackRock and Fidelity Investments have attracted more than $7 billion in net inflows since launching in less than two months, which comes as an imminent decline in the growth of Bitcoin’s supply — known as the halving — is also fueling bullish sentiment.
Bitcoin falls more than 11%, or about $8,000, to below $60,000, losing all of March’s gains
Demand from new US exchange-traded funds and an impending decline in the growth of the digital currency's supply has spurred a spectacular surge in the value of the cryptocurrency, dubbed electronic gold.
