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Bitcoin Caught Between Longer-Term Buyers, Leveraged Speculators

  • Largest cryptocurrency churns around $60,000 after slide
  • Decline of meme coins could be pressuring major stalwarts
Bloomberg business news
Bitcoin Drops Below $60,000
Updated on

Bitcoin fluctuated around a key inflection point of $60,000 on Wednesday as traders appeared to rein in excessive speculation that’s sent the world’s largest cryptocurrency to a record last week.

The digital token fell as much as 3.4%, before paring losses to trade flat. The recent slide from an all-time of $68,991 has been attributed by some observers to profit-taking ahead of the year’s end. But the decline of meme coins like Dogecoin and Shiba Inu also suggests cryptocurrencies may be “flushing out some of the speculation” driven by retail traders, Bloomberg Intelligence analyst Mike McGlone said.