Bitcoin Slumps After Biggest Rally in Two Weeks

Bitcoin Slumps After Biggest Rally in Two Weeks
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Bitcoin fell below $15,000 after the cryptocurrency’s biggest rally in two weeks ended a rout that wiped more than $9,000 off the price, according to Bloomberg.

The largest digital coin yesterday dropped 6.5 percent, having earlier climbed as much as 3.6 percent. Among rival digital currencies, ripple rose 8 percent, while ethereum and litecoin fell, according to data compiled by Bloomberg.

The relatively quiet day for bitcoin comes on the heels of a five-day slump that reached 44 percent at its depths and took the coin below $11,000 on Friday. Just four days earlier, it rose within striking distance of $20,000 after a torrid advance that started in early December.

Investors continued to snap up shares in companies often seen as a safer alternative to investing directly in the cryptocurrency itself. Digital Power rose in early trading after saying it’s boosting its computing infrastructure to mine digital coins. On Track Innovation also advanced. Bitcoin futures on the CME Group exchange slipped 3.6 percent.