Bitcoin plummeted to its lowest level in nearly two weeks on Wednesday, extending losses from a record high last week to approximately 12% - though the digital currency is still on course to have its best month since February. Bitcoin, the world's most popular cryptocurrency, plummeted 3.7 percent to $58,100, its lowest level since October 15. Since hitting an all-time high of $67,016 on Oct. 20, it has dropped 12.1 percent.
Bitcoin's losses were caused by traders profiting from the cryptocurrency's recent gain, according to Tony Sycamore, an analyst at City Index. So far this month, the digital currency has gained about 35%, which, if sustained, would be its best performance in eight months. Bitcoin is in a "short-term decline," according to Du Jun, co-founder of Huobi Group, a prominent crypto exchange operator, who added that additional falls may be constrained due to low trading volumes.
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