Bitcoin down nearly 30% from record highs

Bitcoin, the world’s largest cryptocurrency extended its recent selling spiral by dropping 15% over the weekend to test $ 5500 mark.

However, the sell-off was short-lived, as the cryptocurrency swung back higher and recovered most losses to revert back to 6400 levels, according to CoinDesk.

It’s worth noting that Bitcoin is down nearly 30% from its record high posted above $ 8000 mark last week on news of calling off a SegWit2x upgrade.

The latest leg lower in Bitcoin can be mainly attributed to profit-taking after a more than 800% surge this year.