Bitcoin slips off the $50,000 edge

bitcoin

As investors took profits from a record-breaking rally that had pushed bitcoin close to $50,000, Bitcoin pulled back from a record high on Monday and other cryptocurrencies slipped.

After having posted a record pick of $49,714.66 on Sunday, Bitcoin fell as much as 5.6% to $45,914 in Asian trading hours. Rival crypto ethereum slid more than 8%.

Bitcoin is fast gaining legitimacy as an asset class and has leapt 20% in the week since electric carmaker Tesla Inc announced it had $1.5billion in bitcoin and would accept the currency as payment.

It is up more than 60% for the year to date and has gained more than 1,100% since hitting a one-year low last March.

Besides Tesla’s investment, Bank of NY Mellon lastweek said it formed a new unit to help clients own and tradedigital assets.

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