<p>Bitcoin consolidated around $60,000 on Monday, taking a breather from the weekend's record high as investors prepared for inflation worries and US stimulus spending to propel it even higher.</p>.<p>The world's most popular cryptocurrency slipped as low as $58,956.90 early in the Asian session, falling from Saturday's record high of $61,781.83.</p>.<p>The rally may have been dampened by a Reuters report that India would pursue a ban on digital assets, a rain cloud for bitcoin following high-profile endorsements this year from the likes of Tesla's Elon Musk, Twitter's Jack Dorsey, and investment giants Goldman Sachs and BlackRock.</p>.<p>Bitcoin has more than doubled in 2021, after quadrupling last year.</p>.<p>"Investment by institutional investors and corporates is increasing. It's what I call the financialisation of bitcoin," said Masafumi Yamamoto, chief currency strategist at Mizuho Securities.</p>.<p>"It's becoming an asset that investors can no longer ignore."</p>.<p>Bitcoin's weekend surge was helped by an improvement in risk appetite in financial markets after President Joe Biden signed his $1.9 trillion fiscal stimulus package into law and ordered an acceleration in vaccinations.</p>.<p>That momentum carried into thinner markets on the weekend, with technical factors magnifying the move higher, according to Justin d'Anethan, sales manager at digital asset company Diginex in Hong Kong.</p>.<p>"The crypto market is derivatives heavy," he noted.</p>.<p>"A small move up triggered many liquidations throughout Saturday and Sunday, thus becoming a not-so-small move."</p>.<p>Seth Melamed, the Tokyo-based chief operating officer of cryptocurrency exchange Liquid, said legislation of the sort India is proposing won't be an impediment to further gains for bitcoin.</p>.<p>"Because it's decentralised, government bans or acceptance is somewhat irrelevant," Melamed said. "Capital will find a way." </p>
<p>Bitcoin consolidated around $60,000 on Monday, taking a breather from the weekend's record high as investors prepared for inflation worries and US stimulus spending to propel it even higher.</p>.<p>The world's most popular cryptocurrency slipped as low as $58,956.90 early in the Asian session, falling from Saturday's record high of $61,781.83.</p>.<p>The rally may have been dampened by a Reuters report that India would pursue a ban on digital assets, a rain cloud for bitcoin following high-profile endorsements this year from the likes of Tesla's Elon Musk, Twitter's Jack Dorsey, and investment giants Goldman Sachs and BlackRock.</p>.<p>Bitcoin has more than doubled in 2021, after quadrupling last year.</p>.<p>"Investment by institutional investors and corporates is increasing. It's what I call the financialisation of bitcoin," said Masafumi Yamamoto, chief currency strategist at Mizuho Securities.</p>.<p>"It's becoming an asset that investors can no longer ignore."</p>.<p>Bitcoin's weekend surge was helped by an improvement in risk appetite in financial markets after President Joe Biden signed his $1.9 trillion fiscal stimulus package into law and ordered an acceleration in vaccinations.</p>.<p>That momentum carried into thinner markets on the weekend, with technical factors magnifying the move higher, according to Justin d'Anethan, sales manager at digital asset company Diginex in Hong Kong.</p>.<p>"The crypto market is derivatives heavy," he noted.</p>.<p>"A small move up triggered many liquidations throughout Saturday and Sunday, thus becoming a not-so-small move."</p>.<p>Seth Melamed, the Tokyo-based chief operating officer of cryptocurrency exchange Liquid, said legislation of the sort India is proposing won't be an impediment to further gains for bitcoin.</p>.<p>"Because it's decentralised, government bans or acceptance is somewhat irrelevant," Melamed said. "Capital will find a way." </p>