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Bitcoin slips to lowest level in 1-1/2 weeks, on track for biggest gain in 8 months

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Bitcoin is down 12.1 percent since hitting an all-time high of $67,016 on October 20.

Bitcoin fell to its lowest level in 1-1/2 weeks on Wednesday, hitting a record high last week of nearly 12 percent with losses — though the digital currency is still on track for its best month since February. is on.

Bitcoin, the world’s largest cryptocurrency, fell 3.7 percent to $58,100, its lowest since October 15. It is down 12.1 percent since hitting an all-time high of $67,016 on October 20.

Bitcoin was trading at $58,965, down 2.3 per cent. Smaller coins such as Ethereum and Ripple that go hand in hand with bitcoin also fell between 3.5 percent and 7 percent.

City Index analyst Tony Sycamore said bitcoin’s losses were on the cards for traders taking profits from the recent rally. The digital currency has gained around 35 percent so far this month, which if maintained would be its best performance in eight months.

Dou Jun, co-founder of major crypto exchange operator Huobi Group, said bitcoin is facing “a short-term downtrend”, adding that further downside could be limited given the relatively low trading volume.

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