Bitcoin missed the 50k mark
Bitcoin halted just below the $50,000 mark on Monday and other cryptocurrencies slipped, as investors took the profits from a record-breaking rally that is being driven by a worldwide shift in investor and public attitudes towards digital assets.
Bitcoin fell as much as 5.6% to $45,914 in Asian trading hours, after having to post a record high of $49,714.66 on Sunday. Rival of the bitcoin, "Ethereum" slid more than 8%, though both having some of the losses.
The drop, for now, taps the checks on a surge that has vaulted the cryptocurrency from the fringes of finance to Wall Street, as big investors and large companies have begun to take the digital asset seriously and started to buy a lot of it.
Bitcoin has risen about 20% in the week since electric carmaker Tesla Inc announced it had invested $1.5 billion in bitcoin and would accept the currency as payment. It has gained more than 60% for the year to date and more than 1,100% since last March.
Lunar New Year holidays in Hong Kong and China also kept a cap on moves in Asia, while a tweet from Tesla owner Elon Musk appeared to push on the price of dogecoin, which he had previously promoted.
Dogecoin, a dog-themed currency created as a joke has been volatile in recent weeks owing to some Musk tweets referring to it.
It has dropped 18.3% to $0.0536 in the past 24 hours according to CoinDesk. Ethereum last sat at $1,740, about 7% below last weekâ€™s record high of $1,879.