Bitcoin is drifting below $4000

Bitcoin has fallen below $4,000 and is drifting lower on Wednesday morning, as traders continue to take profit from the cryptocurrency's recent rally.

Bitcoin is down 3.8% against the dollar to $3,996.32 at the time of writing (7.35 a.m. BST/2.35 a.m. ET). The pullback follows a strong rally for the digital currency on Sunday and Monday that saw the cryptocurrency break the $4,000 and $4,500 mark for the first time.

Despite the dip for Bitcoin over the last two days, it still remains well above its three-month average price. bitcoin Elsewhere in the crypto space, Bitcoin Cash, a new digital currency spun off from the Bitcoin network at the start of the month, is down 3.6% against the dollar to $293.00. Ethereum, the second biggest cryptocurrency by market cap after Bitcoin, is down 0.79% against the dollar to $284.04.