Bitcoin retreats after hitting record high level of $2,185

Bitcoin extended its recent monstrous rally and surged through $2,000 and $2,100 mark on Monday. The cryptocurrency traded as high as $2,185, gaining in excess of 9.0% for the day, before paring some of its strong gains and retreat back below $2,100 mark. 

The recent up-surge over the past one month, from $1200 neighborhood, was led by a rise in trading activity in Japan on news that bitcoin would be considered as 'legal tender' in the country. Today's strong up-move also attributed to a fresh wave of greenback selling pressure, with the key US Dollar Index slipping below the 97.00 handle to fresh six-month lows. 

Monday's gains also followed news that Ledger Holdings, the parent company of the bitcoin options exchange LedgerX, closed $11.4 million in new financing. LedgerX awaits regulatory approval from the Commodity Futures Trading Commission to operate as the first US regulated exchange and clearing house for the virtual currency.