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Bitcoin slips as double-digit percentage rally pauses

Bitcoin slips as double-digit percentage rally pauses
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Bitcoin trades lower as prices come off a recent double-digit percentage rally driven by tweeted comments from Tesla CEO Elon Musk.

Bitcoin was lower on Tuesday as prices for the world’s biggest cryptocurrency pulled back from a recent double-digit percentage rally driven by renewed comments from Tesla (TSLA) CEO and techno-turned-token king Elon Musk.

Bitcoin was down 1.5 per cent early Tuesday at $36,967 (U.S.), according to CoinDesk, following a 16 per cent jump on Monday. Ethereum, the No. 2 cryptocurrency, was up 7.65 per cent at $2,451.37.

Bitcoin on Sunday fell to near $32,200, a drop of more 31 per cent over the past seven days. In April, it recorded an all-time high of $64,829.

Shares of cryptocurrency exchange Coinbase (COIN), meanwhile, were up 1.42 per cent at $228.50 in premarket trading.

Goldman Sachs initiated coverage of the largest U.S. cryptocurrency exchange on Monday with a buy rating and a $306 price target.

Musk’s ongoing dialogue on Twitter hasn’t helped much. The billionaire triggered a sell-off last week after criticizing Bitcoin’s energy profile and suspending Bitcoin payments less than a month after saying his electric car company would accept them.

TheStreet’s Jim Cramer said it’s time for the Securities and Exchange Commission to consider cryptocurrency “an asset worth regulating.”

In his Real Money column, Here’s How We End the Crypto Madness, Cramer said, “ ... it’s imperative that either (Treasury Secretary Janet) Yellen or (SEC Chairman Gary) Gensler say they are uncomfortable with all of the leverage they are seeing in the crypto markets,” which in turn would help weed out speculative froth.
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