Bitcoin slips on profit-taking but on track for biggest gain in 8 months

Bitcoin fell on Wednesday to its lowest level in 1-1/2 weeks, taking losses since hitting a record high last week to around 12% - though the digital currency is still on track for its best month since February.

Bitcoin, the world's largest cryptocurrency, fell as much as 3.7% to $58,100, its lowest since Oct. 15. It has lost 12.1% since it hit an all-time high of $67,016 on Oct. 20.

By 1413 GMT, bitcoin was trading down 2.3% at $58,965.

Smaller coins such as ethereum and ripple which tend to move in tandem with bitcoin also fell between 3.5%-7%.

Bitcoin's losses were down to