Bitcoin extends retreat from record high to here in at least 20 days

FILE PHOTO: The representation of the virtual currency Bitcoin is seen on the motherboard in this image illustration taken April 24, 2020. REUTERS / Dado Ruvic / Illustration / File Photo

(Reuters) – Bitcoin fell 6.39% to $ 43,165.78 on Sunday, losing $ 2,944.20 from its previous close.

Bitcoin, the world’s largest and most well-known cryptocurrency, has fallen 26% from its highest level of the year to $ 58,354.14 on February 21, when it rose amid growing confidence that it will become a common means of investment and payment.

Large companies such as BNY Mellon, asset manager BlackRock Inc and credit card giant Mastercard Inc have supported cryptocurrencies. Tesla Inc, Square Inc and MicroStrategy Inc have invested in bitcoin.

Ether, the coin linked to the etherum blockchain network, fell 8.88% to $ 1,329.46 on Sunday, losing $ 129.57 from its previous close.

Reporting by Juby Babu in Bengaluru; Edited by Lisa Shumaker