The price of Bitcoin fell for a fifth consecutive day and slid below $57,000 U.S., marking its biggest decline since May of this year.
The world’s biggest cryptocurrency is retreating from record highs above $67,000 reached earlier this month. Bitcoin hasn’t slumped this long since the five days that ended May 16.
Bitcoin is currently down about 5% to $57,083 in New York pre-market trading. It’s now down roughly 15% from its all-time high of $68,991.
Prices for other cryptocurrencies such as Ethereum, Solana and Dogecoin are also falling. Price charts suggest Bitcoin could reach a key support level at $53,000 U.S., as well as $58,000 U.S.
The current price decline is being blamed on profit taking by investors. Although U.S. lawmakers introduced a bill to amend the crypto-related provisions in the bipartisan infrastructure bill signed into law earlier this week. The amendment could clarify certain tax rules for crypto-related companies.
