Bitcoin falls off 5-month high on correction and profit taking

Bitcoin fell on Wednesday, for the first time in three days, pulling back from a five-month high recorded yesterday, on correction and profit taking activity, but prices is still ezpected to rise above $6,000 in the current bull market run, which dominates the largest cryptocurrency in the world.

As of 08:19 GMT, on Bitstamp Stock Exchange, Bitcoin is trading around $5,460, down by $71 or by 1.3%, from the opening price of $5,531, with a high of $5,623 and a low of $5,404.

Yesterday, Bitcoin gained 2.7%, its second consecutive daily gain, recording the highest level in five months at $5,627 per unit, with strong investment demand on the world's largest cryptocurrency.

Whilst, the market value of cryptocurrencies fell about $6 billion to $178 billion on Wednesday, with most of the major currency prices on the market falling.

Yesterday's market value was $186 billion, which the highest level since November.

The price of the world's largest cryptocurrency "Bitcoin" is currently declining as a result of corrective and profit-taking activity, but prices remain strongly expected to climb up to $6,000, with the strong recovery since early April.

Bitcoin rose more than 33% since the beginning of this month, about to hit the third consecutive monthly gain, and the largest monthly gain since April 2018.

Bitcoin also continues to dominate the crypto market, rising from less than 50% in early April to 54.7% at the moment, as investors continue to focus on the world's largest cryptocurrency, in a strong indicator that price recovery is on the right track.

Yesterday, there were some news that Nasdaq Bitcoin futures began to open, and TD Ameritrade confirmed that traders with accounts with a minimum of $25,000 would be allowed to access bitcoin futures.

Last year, Nasdaq announced that it was considering the bitcoin futures trading offer for the first quarter of this year, as well as the launch of the Bitcoin ETF in collaboration with VanEck and SolidX.

The Japanese billionaire, Masayoshi Son, the owner of the Softbank group, suffered a $130 million loss from the big bet in Bitcoin, where he preferred to get rid of all his investment for fear of losing it altogether.

According to the Wall Street Journal, the legendary technology investor invested in Bitcoin late in 2017 on the recommendation of Peter Briger, Co-Chairman of Fortress Investment. At the time, Softbank was in the process of acquiring the company. "The acquisition began on February 15th, 2017 and was completed on December 28th, 2018".

The reason behind Briger's recommendation is that Fortress has continued to develop since 2013 and by late 2017 there were returns on this investment.

But with the big price drop of Bitcoin in 2018, Masayoshi Son decided to liquidate all his holdings of the cryptocurrency, even at a cost of $130 million.