BITCOIN surged to a record for the first time in more than two years before rapidly retreating as traders took some profits.
The largest digital asset topped out at $69 191.95 on Tuesday in the US but the ensuing selloff left some of the crypto faithful’s champagne on ice, sending Bitcoin to about $63 000 as of 10:58 a.m. Wednesday in Singapore.
The price swings underscore Bitcoin’s boom-or-bust nature. Inflows into US-spot Bitcoin exchange-traded funds, a looming reduction in the token’s supply growth and speculative derivatives bets fueled an eye-catching rally this year — leaving investor positioning stretched and hinting at the risk of a retrenchment. – momeyweb.co.za