If you’ve been following everything new in cryptocurrency the past couple of weeks, you’ve no doubt noticed Bitcoin’s resurgence, as well as high gains in other digital coins. Now, Bitcoin is falling fast in hard as what experts are saying is a “retraction.”
Bitcoin has fallen more than 10% today, falling to almost $7,500. At the time of this writing, it’s seen some small gains, sitting at around $7,600, but the losses are still there.
The cryptocurrency has seen a 12% drop in the past 24 hours, but has seen an overall 17% drop since its recent high of $9,100.
Just like Bitcoin, several other digital currencies — like Litecoin — has seen some major declines of nearly 10% in the past 24 hours as well.
Charles Hayter, cofounder and CEO of CryptoCompare, says that is largely due to big moves in the market, and so it was time for a retracement.
“The market has moved a lot in recent weeks so this is just a retracement,” he said. There’s nothing in particular, or any big news, that set off this decline.