Investing.com - Bitcoin fell below $9,000 on Tuesday as traders appeared to take some profits following a strong month of performance.
Bitcoin fell 3.70% to $8.985.4 on the Bitfinex exchange after hitting an intraday high of $9,339.6.
Well there wasn’t any immediately apparent reason for the weakness, the slight tick lower in the total crypto market cap, signalled possible profit taking after bitcoin posted its best month of the year in April, rising about 30%.
The total market cap of cryptocurrencies fell to about $416 billion, at the time of writing, from about $429 billion on Monday.
The fall in bitcoin comes amid recent comments from legendary investor Warren Buffet claiming bitcoin investors’ were making a “gamble,” not an investment as their rationale for investing was mainly based on “hoping the next guy pays more.”
“There's nothing wrong with it. If you wanna gamble somebody else will come along and pay more money tomorrow, that's one kind of game. That is not investing,” Buffett told Yahoo Finance on Saturday.
Sentiment on cryptocurrencies, however, remained largely positive as regulatory fears have mostly abated in recent weeks.
Other large-cap cryptos followed bitcoin’s lead lower but have since moved off session lows.
Ripple XRP fell 1.91% to $0.82800 on the Poloniex exchange, while Ethereum fell 3.78% to $659.00.
Bitcoin Cash fell 7.64% to $1,288.00, while Litecoin fell 3.06% to $145.78. EOS/USD meanwhile, fell 5.87%, adding to losses sustained in the previous session but retained its place as the fifth most valuable crypto by market cap.