(Reuters) -Bitcoin dropped 1.77% to $50,269.9 on Saturday, losing $906.75 from its previous close.
Bitcoin, the world’s biggest and best-known cryptocurrency, is down 22.5% from the year’s high of $64,895.22 on April 14.
But while social media lit up with posts about the plan hurting cryptocurrencies, and individual investors complaining about losses, some traders and analysts said declines are likely to be temporary.
There has been growing retail and institutional investor acceptance of digital currencies as a legitimate asset class. That has coincided with a surge in online trading in stocks and crypto by retail investors, stuck at home with extra cash because of the COVID-19 pandemic.
(Reporting by Juby Babu in Bengaluru; Editing by Daniel Wallis)