SINGAPORE: Cryptocurrency bitcoin dropped as much as 6% in Asia trade on Tuesday and was trading around $52,000 as it pulls back from record highs following a long and sharp rally.
Bitcoin hit a low of $50,848 in the session following a wild ride on Monday where it traded in a $10,000 range. It's up nearly 90% from the year's low of $27,734.
Ether, the coin linked to the ethereum blockchain, also dropped more than 5% and last bought $1,707, down almost 17% from last week's record peak.
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