11/26/2020, 5:17 AM (Source: TeleTrader)
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Bitcoin drops 5% in correction from near-record highs

Bitcoin saw a price correction as it fell over 5% after nearing record highs from 2017 earlier in the week.

The world's most widespread cryptocurrency soared to $19,500 earlier on Wednesday, just around $400 shy of its all-time high of $19,891.99. The crypto-asset's surge was boosted by economic uncertainties and stock market volatility amid the coronavirus crisis, as well as by major central banks' considerations of launching digital versions of currencies. Analysts have predicted bitcoin could top $100,000 by the end of 2021.

Bitcoin slid 5.82% to sell for $17,791/30 at 11:39 pm ET. The digital currency is still 38% up for the month and has gained over 150% since the start of the year.

Breaking the News / NP