Bitcoin eases after near $62,000 hit

“It’s becoming an asset that investors can no longer ignore,” said Mizuho Securities’ chief currency strategist Masafumi Yamamoto as Bitcoin remained in the zone following a $62,000 record-hit on Saturday and closed around $60,000 on Monday trade.

The world’s largest cryptocurrency took a breather as it posted $58,956.90 in the Asian session, after Saturday’s record-breaking $61,781.83.

Bitcoin’s mega rally in the past few sessions was fueled by a bigger risk appetite in financial markets following Joe Biden’s $1.9 trillion fiscal stimulus package turned into law, as well as enforcing hastened inoculation programs.

Bitcoin’s weaker output on Monday, though, may have been influenced by the news that India would ban digital assets, raining on Bitcoin’s parade after being backed by some high-profile endorsements this year including from Elon Musk, Jack Dorsey, as well as giant firms in Goldman Sachs and BlackRock.

After growing four folds in 2020, Bitcoin has more than doubled in 2021 so far.