Bitcoin extends retreat from record high to hit lowest in 20 days

Platform News: Bitcoin cryptocurrency

Bitcoin dropped 6.39% to $43,165.78 on Sunday, losing $2,944.20 from its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, has fallen 26% from the year’s high of $58,354.14 on February the 21st when it soared amid increasing confidence that it will become a mainstream investment and payments vehicle.

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

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

The team at Platform Executive hope you have enjoyed this news article. Translation from English to other languages via Google Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Juby Babu in Bengaluru. Editing by Lisa Shumaker.

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