Monday blues: Bitcoin drops after surpassing $60,000

After topping out at $61,742 on Saturday, Bitcoin fell by as much as 9.2 percent.

Bitcoin dropped Monday as traders eased up on stimulus-fueled bets that had powered the digital token to a fresh record over the weekend. The largest cryptocurrency slumped by as much as 9.2% before trading at $56,131 as of 1:04 p.m. in New York, after topping out at $61,742 on Saturday. Bitcoin reached its latest all-time high on optimism that some of the pandemic relief payments in the U.S. will end up chasing the digital token’s towering rally. “The stimulus news was bid up by everyone in the Bitcoin world over the weekend,” Jeff Dorman, chief investment officer for Arca, an investment management firm specializing in digital assets, said in a phone interview. “Then we came in last night, futures were flat, 10-year was flat, and all of a sudden that started to unwind because there wasn’t nearly as much of a bullish overtone as some of the Bitcoin traders thought there might be.”