Bitcoin Losses Accelerate After Weekend Rally to Record High

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Bitcoin extended losses as a rally that took it past $61,000 over the weekend unwinds, reminding investors of the digital token’s volatility.The largest cryptocurrency slid as much as 5.5% Tuesday and was trading at about $54,300 as of 11:10 a.m. in Hong Kong. Bitcoin has still surged about 1,000% over the past year, a mesmerizing rally that outstripped more traditional assets like stocks and gold.The Saturday jump to a record was partly linked to optimism over U.S. stimulus checks, since some of the cash could end up in financial markets. Chart watchers were looking for the digital coin to hold above thresholds such as the previous peak of $58,350 in February, to boost confidence in a bullish leg higher.Investors are taking some profit after Bitcoin’s recent run of gains, and it may bounce back to as high as $62,000 before another slide down, said Vijay Ayyar, head of Asia Pacific…

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