SINGAPORE (Reuters) – Bitcoin fell from a record high on Monday and other cryptocurrencies fell, while investors made profits from a record rally that pushed Bitcoin close to $ 50,000.
Bitcoin fell as much as 5.6% to $ 45,914 in Asian trading hours after hitting a record high of $ 49,714.66 on Sunday, while crypto-ethereal rival fell more than 8% .
Once the financial limit is reached, bitcoin is rapidly gaining legitimacy as an asset class and has jumped 20% a week since electric vehicle maker Tesla Inc announced it would have $ 1.5 billion in bitcoin and would accept the currency as payment. .
It has grown by over 60% so far and has gained over 1,100% since reaching a one-year low last March.
“There is this unforgiving wave of big (buying) players that has continued to drive up the price,” said Chris Weston, chief research officer at Pepperstone brokerage in Melbourne. “We might see one or two big funds that just cash in,” he said.
“The big question is, OK, you want to buy the withdrawal, but how big is the withdrawal we’re talking about?”
In addition to the Tesla investment, Bank of NY Mellon said last week that it has formed a new unit to help customers own and trade digital assets.
Bloomberg reported on Saturday that Morgan Stanley’s investment arm weighs a bet on bitcoin.
Reporting by Tom Westbrook; Editing by Kim Coghill and Sam Holmes