LONDON, Dec 1 — Bitcoin fell as much as 7 per cent against the dollar today as the fledgling currency was back to its volatile self after having scaled a record peak earlier in the day.
The world’s most popular cryptocurrency was last down 6 per cent at US$18,500 (RM75,443) as of 1241 GMT. The price drop in bitcoin, which some investors saw as an evolving safe-haven, coincided with spot gold’s 1.6 per cent rise.
Smaller coins ethereum and XRP, which often move in tandem with bitcoin, fell 7.3 per cent and 8.8 per cent, respectively.
Bitcoin has gained 160 per cent this year, fuelled by demand for riskier assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies will win mainstream acceptance.
Bitcoin’s 12-year history has been peppered with steep gains and equally sharp drops. Compared to traditional assets, its market is highly opaque. — Reuters
