Investing.com – Bitcoin retreated on Monday, as investors appeared to take profit from the recent rally in the digital currency while Ethereum struggled to hold onto gains.
On the U.S.-based GDAX exchange, Bitcoin fell to $2,739.9, down $45 or 1.62%.
Bitcoin remained on track to make a negative start to the week, as investors appeared to cash in on last week’s rally to $2,957, just shy of its record high of $3,000 achieved in June.
The rally in bitcoin last week, came on the back of a surge in investor expectations that the digital currency would avert a split after 93% of miners supported a software upgrade aimed at speeding up transactions on the bitcoin network.
The support of bitcoin miners, who combined make up nearly 80% of bitcoin’s computer power was crucial in ‘locking-in’ the software upgrade, Bitcoin Improvement Proposal 91 (BIP 91).
The upgrade to Bitcoin's network, however, will not take place until autumn, according to reports.
Meanwhile, Ethereum, mirrored bitcoin’s move lower, falling 3.08% to $224.86, down 3.07%, after snapping a four-week losing streak last week.
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