Bitcoin tumbles 10% off its peak in less than a week to trade at $65,300. Check details here

livemint.com:

In the past less than a week, bitcoin has dropped over 10 percent from its all time high of $73,083 it hit on March 13 at trade at $65,300 in the early hours on Sunday.  

Other crypto tokens also followed the downward trend. Ether fell 6.43 percent to trade at $3,488, Binance Coin lost 8 percent of its value to trade at $564 and Solana lost 4.6 percent of its value to trade at $184, CoinDesk data reveals.

The recent fall is being attributed to profit-booking and the US inflation data release, while there are projections of losses in the next few days.

There are a few analysts who predict future losses in the coming weeks before the price of bitcoin recuperates.

Some investors are doing profit booking, which brings to question whether there will be sufficient number of buyers at this price levels or whether they would like to wait for further correction to happen, reported CoinDesk quoting Alex Kuptsikevich, a senior market analyst.

ALSO READ: Bitcoin’s bull run screeches to a halt; drops 7 per cent in a day

“Crypto is a volatile asset and past bull runs have seen 20-30% drawdowns before continuing their increase in prices. The advice for traders would be to be cautious with leverage as volatile price swings in either directions can cause liquidations. The next big trigger for BTC prices is the halving of miner rewards, scheduled for April 20, which will result in a massive supply shock," said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.

Swissblock, a digital asset analytics firm, in a note on Wednesday said that bitcoin has risen almost double in price from $38,000 in late January without any big reason, and therefore a cooling period is imperative. “Nothing rallies in a straight line. Not even BTC," said