[2017-05-16] MInt: Bitcoin tumbles most in more than two years after record run

Bitcoin tumbles most in more than two years after record run

http://www.livemint.com/Money/BcJMMYpxb8Xm7fWiunlAhM/Bitcoin-tumbles-most-in-more-than-two-years-after-record-run.html

Bitcoin sunk as much as 19%, putting the digital currency on pace for its worst week since January 2015, as volatility climbs following a record-setting surge in the price.

After flirting with $3,000 on 12 June, the cryptocurrency has retreated to as low as $2,076.16 in intraday trading. Other digital coins are also falling. The decline coincides with a slide in technology stocks that began after a report from Goldman Sachs Group Inc. warned that low volatility in the biggest tech stocks may be blinding investors to risks like cyclicality and regulation.

One of Goldman Sachs’s technical analysts, Sheba Jafari, sent out a note early this week saying bitcoin was poised for a reversal. Analysts at Morgan Stanley wrote in a report on Wednesday that bitcoin needs government acceptance and regulation in order to keep climbing.