Market News

Bitcoin tumbles over 16%; down below $50,000 in New York - CNBC

FEBRUARY 23, 2021

Bitcoin fell on Monday after surging to record highs a day earlier as a sell-off in global equities curbed risk appetite, with traders citing the unwinding of highly leveraged long positions in the cryptocurrency. Bitcoin rallied to a peak of $58,354 on Sunday.

The cryptocurrency fell more than 16 percent, below $50,000 in New York, giving up more than $8,000 early on February 22.

Rival cryptocurrency ethereum, which tends to move in tandem with bitcoin, also tumbled after hitting a record high on Saturday. It was last down 8.7 percent at $1,765.

Bitcoin's rise to over $50,000 has been fuelled by signs that it is gaining acceptance among mainstream investors and companies, from Tesla Inc and Mastercard Inc to BNY Mellon.

Tesla founder Elon Musk's tweets on bitcoin a few week ago have added fuel to the cryptocurrency's rally.

-With agency inputs


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