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Bitcoin, Ether Trade On Weak Note, Hover Around Critical Levels
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ndtv.comBitcoin and ether, the world's two largest cryptocurrencies, stayed weak on Wednesday and near critical levels that analysts believe could spell further weakness if breached.
Bitcoin last traded around $59,000, down 1 per cent on the day, and off about 12 per cent from the record high of $69,000 set on November 10, while ether was at $4,163, more than 14 per cent lower than its peak $4,868.
While profit-taking after the massive run-up in prices was emerging as the biggest factor, analysts pointed to bitcoin's blockchain upgrade on the weekend, higher U.S. inflation and China's latest directive to its state-owned firms not to engage in cryptocurrency mining as being other reasons behind the more cautious sentiment.
Bitcoin has doubled in value
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