Bitcoin slides 6.6% to below $55000, rival ether falls 7% to $1,798

LONDON : Bitcoin gave up all its gains from weekend trading as analysts questioned whether the cryptocurrency is overheated.

Prices dropped as much as 6.6% during the European session, falling back to around $55,000. Rival cryptocurrency ether fell 7% to $1,798.

The world’s largest cryptocurrency has been on a tear this month, propelled by purchases from Tesla Inc. and institutional investors who say Bitcoin is an attractive alternative to gold and the dollar.