Bitcoin falls more than 4% to near $60,000

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SINGAPORE, Nov 16 (Businesshala) – Bitcoin, the world’s biggest and best-known cryptocurrency, fell more than 4% on Tuesday as it extended a weeklong decline that also included an upgrade to its blockchain.

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Bitcoin fell to an all-day low of $60,350, having fallen by more than 11% from a record high of $69,000 on November 10.

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Ether, the second-largest cryptocurrency by market cap, fell 4.5% to $4,355.4.

Crypto analysts said there does not appear to be any news driving the decline, and the move appears to be driven by profit-taking after a sharp run-up.

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“There is a lack of news and this is in addition to some net selling of spot and some short selling. Also, there is no significant news,” said Matthew Dibb, chief operating officer of Singapore-based crypto asset manager Stack Funds.

The value of bitcoin has more than doubled since June, driven by mainstream adoption of the cryptocurrency and, most recently, the launch of a futures-based bitcoin exchange-traded fund in the United States.

It went through a major upgrade on Sunday, called Taproot, that would enable its blockchain to execute more complex transactions, potentially widening the use cases for virtual currency and processing smart contracts. To make it a bit more competitive with Ethereum. Smart contracts are self-executing transactions whose results depend on pre-programmed inputs.

Reporting by Tom Westbrook and Vidya Ranganathan; Editing by Jacqueline Wong

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