The price of Bitcoin topped $112,000 late Wednesday, then slid as investors took the record high as a signal to offload the crypto.
The world’s largest token was up 2.4% to $111,366 over the past 24 hours, according to data from CoinDesk. It had notched a new high of $112,021 on Wednesday, per Dow Jones Market Data, but then gave up some of its gains overnight.
The crypto’s gains came amid a broader market rally, with Nvidia and other tech names surging as investors shrugged off worries about U.S. tariffs. Digital assets tend to move in tandem with riskier growth stocks.
It wasn’t immediately clear why Bitcoin dipped shortly after breaking through the $112,000 level, but it’s possible some traders were just taking the opportunity to lock in profit after Wednesday’s surge. It isn’t unusual for the token to retreat after hitting a record.
