Bitcoin takes another dip as cryptocurrencies drop into the red

Bitcoin and other cryptocurrencies dropped into the red last night and have continued to fall this morning.

The most talked-about digital currency was trading two per cent below its previous closing price at $2,444.63, according to CoinDesk, which aggregates prices across several exchanges.

The volatile currency's latest loss marks a more than 20 per cent decline in price since it surged past the $3,000 milestone over the weekend.

Ethereum, the second most popular cryptocurrency, was trading 13.12 per cent lower at $345.44 after edging over $400 to new all-time highs earlier this week, according to CoinDesk's index.

Earlier this week, banking giant Goldman Sachs wrote a bearish client note on bitcoin. The firm's chief technician, Sheba Jafari, said it was worth taking a look at bitcoin "due to popular demand", but it warned clients should be cautious of recent spikes in price, according to reports.

Jafari said he would consider re-establishing bullish exposure when bitcoin was between $2,330 and no lower than $1,915.

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