Bitcoin surged to a record value Tuesday for the first time in more than two years, yet the original cryptocurrency didn’t stay at its new all-time high very long as many traders appeared to take the opportunity to book some profit.
The token jumped as much as 2.5% to $69,191.95 shortly after 10 a.m. in New York, then almost immediately reversed course in a plunge that at one point sent it 14% below the record to $59,317.16.
"Given that nearly everyone who has ever bought Bitcoin is now in profit, there are decent odds we see some amount of profit taking,” said Zaheer Ebtikar, founder of crypto fund Split Capital.