Bitcoin backs off 3-week high on profit-taking

Bitcoin fell off three-week highs on Tuesday on active profit-taking, after surging on Monday on the backs of news that cryptocurrency Tether will be dumped off many platforms, with traders flocking to safer and more "traditional" crypto assets. 

At Bitstamp, Bitcoin fell $18 to $6,420, with an intraday high at $6,483, and a low at $6,412. 

Bitcoin rose 4.1% on Monday, marking the highest in three weeks at $6,756. 

Bitcoin lost 5.9% last week, the third such loss in a row after warnings by IMF on crypto assets' impact on the global market. 

The International Monetary Fund warned that the growth in crypto assets could create new weak points in the international financial system. 

Tether Jitters 

Major cryptocurrencies gained ground on Monday on news that most platforms are dumping Tether, inflating a violent selloff on it. 

The selloff was initially instigated by concerns over the difficulty of linking Tether to the dollar, damaging the virtual currency's appeal and putting its future in jeopardy. 

The tribulations regarding Tether sent traders to Bitcoin and other major cryptocurrencies, which are considered safe havens within the crypto world. 

Otherwise, news outlets reported that South Korea will announce its long-awaited final decision on Initial Coin Offerings in November.