Nearly $4 billion has been wiped off of the value of bitcoin in the past four days after a correction that has seen the cryptocurrency’s price fall almost 19 percent from its recent record high.
On May 24, bitcoin hit an all-time high of $2.791.69. But on Monday, the digital currency was trading at an intra-day high of $2,267.73, marking a more than $520 drop or 18.7 percent decline since the record high, according to data from CoinDesk.
“The correction was actually quite brief, the prices today are still higher than that of a week ago,” Bobby Lee, CEO of BTCC, a major bitcoin exchange, told CNBC by phone.
“I think the pullback was just a profit taking, a correction from the skyrocketing prices of last week.”
Bitcoin’s market cap fell from $40.49 billion on Thursday to around $37.08 billion on Monday, a roughly $3.4 billion decline in value.
Last week, Nicola Duke, a technical analyst at analysis platform Forex