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Bitcoin slips on profit-taking but on track for biggest gain in 8 months

·1 min read
FILE PHOTO: Representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration

LONDON (Reuters) - Bitcoin fell on Wednesday to its lowest level in 1-1/2 weeks, taking losses since hitting a record high last week to around 12% - though the digital currency is still on track for its best month since February.

Bitcoin, the world's largest cryptocurrency, fell as much as 3.7% to $58,100, its lowest since Oct. 15. It has lost 12.1% since it hit an all-time high of $67,016 on Oct. 20.

By 1413 GMT, bitcoin was trading down 2.3% at $58,965. Smaller coins such as ethereum and ripple which tend to move in tandem with bitcoin also fell between 3.5%-7%.

Bitcoin's losses were down to traders taking profit from its recent rally, said Tony Sycamore, analyst at City Index. The digital currency has notched up gains of almost 35% so far this month, which if maintained would be its best performance in eight months.

Bitcoin is facing "a short-term downtrend," said Du Jun, co-founder of major crypto exchange operator Huobi Group, adding that further falls may be limited given relatively low trading volumes.

(Reporting by Tom Wilson; Editing by Saikat Chatterjee)