Bitcoin extends retreat from record high to hit lowest in 20 days


(Reuters) - Bitcoin dropped 6.39% to $43,165.78 on Sunday, losing $2,944.20 from its previous close.

Bitcoin, the world's biggest and best-known cryptocurrency, has fallen 26% from the year's high of $58,354.14 on Feb. 21 when it soared amid increasing confidence that it will become a mainstream investment and payments vehicle.

Major firms such as BNY Mellon (NYSE:BK), asset manager BlackRock Inc (NYSE:BLK) and credit card giant Mastercard Inc (NYSE:MA) have backed cryptocurrencies. Tesla (NASDAQ:TSLA) Inc, Square Inc (NYSE:SQ) and MicroStrategy Inc have invested in bitcoin.

Ether, the coin linked to the ethereum blockchain network, dropped 8.88% to $1,329.46 on Sunday, losing $129.57 from its previous close.

Source: https://www.investing.com