Bitcoin (BTC) is looking south, having retraced more than 50 percent of the $3,000 rally seen in the 10 days to Aug. 6.
The top cryptocurrency by market cap is currently trading at $10,500 on Bitstamp, representing a 6 percent loss on the day.
At the current price, roughly 53 percent of the rally from the July 28 low of $9,111 to the Aug. 6 high of $12,325 stands erased.
BTC’s recent rally coincided with the devaluation of China’s yuan (CNY). Notably, the People’s Bank of China allowed the yuan to fall beyond 7 per U.S. dollar on Aug. 5.
Read more of the article at CoinDesk.com