Bitcoin Extends Retirement From All-Time High To Hit 20-Day Low

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FILE PHOTO: Representation of Bitcoin virtual currency is seen on a motherboard in this photo taken April 24, 2020. REUTERS / Dado Ruvic / Illustration / File Photo

(Reuters) – Bitcoin fell 6.39% to $ 43,165.78 on Sunday, losing $ 2,944.20 from its previous close.

Bitcoin, the world’s largest and best-known cryptocurrency, fell 26% from a year’s high of $ 58,354.14 on February 21, when it skyrocketed amid confidence growing in the fact that it will become a mainstream investment and payment vehicle.

Big companies such as BNY Mellon, asset manager BlackRock Inc and credit card giant Mastercard Inc have backed cryptocurrencies. Tesla Inc, Square Inc and MicroStrategy Inc have invested in bitcoin.

Ether, the coin linked to the Ethereum blockchain network, fell 8.88% to $ 1,329.46 on Sunday, losing $ 129.57 from its previous close.

Report by Juby Babu in Bengaluru; Editing by Lisa Shumaker

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