Read more about Bitcoin tumbles 17% as doubts grow over starry valuations on Business Standard. The world s biggest cryptocurrency suffered its biggest daily drop in a month
Bitcoin tumbled 17 per cent on Tuesday, sparking a sell-off across cryptocurrency markets as investors grew nervous at sky-high valuations and leveraged players took profit. The world's biggest cryptocurrency suffered its biggest daily drop in a month, falling as low $45,000. Bitcoin was last down 11.3 per cent at 0939 GMT. The drop extended a slump of nearly a fifth from a
Bitcoin tumbles 17% as doubts grow over valuations
By Tom Wilson and Tom Westbrook
Reuters
LONDON/SINGAPORE (Reuters) - Bitcoin tumbled 17% on Tuesday, sparking a sell-off across cryptocurrency markets as investors grew nervous at sky-high valuations and leveraged players took profit.
The world s biggest cryptocurrency suffered its biggest daily drop in a month, falling as low $45,000. Bitcoin was last down 11.3% at 0939 GMT.
The drop extended a slump of nearly a fifth from a record high of $58,354 hit on Sunday - though bitcoin remains up around 60% for the year. The kinds of rallies we ve been seeing aren t sustainable and just invite pullbacks like this, said Craig Erlam, senior market analyst at OANDA.
Bitcoin plummeted as much as 17% on Tuesday as investors grew nervous at sky-high valuations, triggering the liquidation of leveraged bets and sparking a sell-off across cryptocurrency markets.