Bitcoin slide adds to signs of step back in retail trading mania

Bitcoin fell amid a wider retreat in assets that had earlier ridden a wave of stimulus-infused optimism among retail traders.

The largest cryptocurrency dipped 2% to about $52,850, a two-week low, as of 7:23 a.m. in London. The token is mired in its longest losing streak since December. The wider Bloomberg Galaxy Crypto Index is also struggling.

Speculation is growing that more of the latest stimulus checks in the U.S. will be spent in the real economy rather than markets as vaccinations help to return life to something more like normal. The number of call options traded in the U.S. has slipped from the records earlier this year and high-profile investments like GameStop Corp. and the ARK Innovation ETF are sliding.