Bitcoin retreats after a record-breaking run

Crypto winner: An illuminated bitcoin icon is seen during NFT LA in Los Angeles, California. Even with the latest dip, bitcoin’s 50% advance so far in 2024 outstrips global stocks, supporting optimism across the digital-asset market. — Bloomberg

SINGAPORE: Bitcoin surged to a record for the first time in more than two years before rapidly retreating as traders took some profits.

The largest digital asset topped out at US$69,191.95 on Tuesday in the United States but the ensuing sell-off left some of the crypto faithful’s champagne on ice, sending bitcoin to about US$63,000 as of 10.58 am yesterday in Singapore.