Bitcoin fell as much as 5.6% to $45,914 in Asian trading, after posting a record high of $49,714.66 on Sunday. According to Reuters, Monday’s bitcoin’s falter was caused by investors who took profit from a record-breaking rally driven by a worldwide shift in investor and public attitudes towards digital assets.
- Bitcoin has risen by 20% since Tesla Inc. announced a $1.5 billion investment in the digital coin and said it would accept the currency as payment.
- Tesla’s investment in bitcoin followed similar purchases by business software firm MicroStrategy and a number of Wall Street fund managers.
- PayPal announced it would allow customers to use bitcoin at its merchants while Mastercard said it would permit cryptocurrency use across its vast network.
- Last week, the Bank of NY Mellon formed a new unit to help clients own and trade digital assets while Japanese financial conglomerate SBI Holdings is in talks with foreign firms for its own crypto joint venture.
- Morgan Stanley is also reportedly weighing a bet on bitcoin
Bitcoin is currently declining. BTCUSD is down 2.59%