Bitcoin’s price plunges 21 per cent on Sunday and Monday, marking its biggest two-day slump since Covid-19 broke out
- Bitcoin slid by as much as 21 per cent over Sunday and Monday to as low as US$32,389 each
- That’s the biggest two-day slide since global markets were first roiled by the pandemic last year and follows a record high of almost US$42,000 on January 8
The white-knuckle Bitcoin ride took another twist Monday as the worst two-day tumble in the digital currency since March stoked concern that the polarising cryptocurrency boom may run out of steam.
Bitcoin, the largest cryptocurrency, slid as much as 21 per cent over Sunday and Monday to as low as US$32,389. That’s the biggest two-day slide since global markets were first roiled by the pandemic last year and follows a record high of almost US$42,000 on January 8.
“It’s to be determined whether this is the start of a larger correction, but we have now seen this parabola break so it might just be,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore.
Bitcoin’s price has more than quadrupled in the past year, evoking memories of the 2017 mania that first made cryptocurrencies a household name before prices collapsed just as quickly.
“Time to take some money off the table,” Scott Minerd, chief investment officer with Guggenheim Investments, said in a tweet from his verified Twitter account. “Bitcoin’s parabolic rise is unsustainable in the near term.”