Bitcoin slips below $38,000 in a retreat from Monday’s rally

Bitcoin traded lower on Tuesday as prices pulled back from a double-digit percentage rally, stoked by Elon Musk’s effort to bolster the token’s green credentials on Twitter.

The largest digital currency slipped 4.6% to trade at $37,250 as of 7:43 am in New York, following a 16% jump on Monday. The wider Bloomberg Galaxy Crypto Index and tokens including Ether also dropped.

The Tesla Inc. billionaire has roiled the token’s price this month, triggering a selloff by criticizing its energy profile and suspending Bitcoin payments. Heightened regulatory rhetoric on cryptocurrencies from China also pressured the sector.