Bitcoin price declines more than $1,000 in Asian trade

Bitcoin dropped over 6% in Asian trade on Thursday after failing to hit record highs.

The world’s biggest and most well-known cryptocurrency traded around $17,700 after losing over $1,000 since its close in the last session.

“While a quick visit in the upper or mid-16,000s is possible, we’re still trending up and with plenty of upside potential,” Justin d’Anethan sales manager at digital asset company Diginex said.

This year, Bitcoin has climbed 358.6% from the year’s low of $3,850 in mid-March. Still, it hasn’t surpassed the $19,666 hit in December of 2017.

Analysts and traders say that this latest rally is different from 2017’s hit as there are less retail investors and more institutions like hedge funds and family offices investing in cryptocurrencies.