The world’s leading cryptocurrency suffered its biggest daily decline in a month, falling as low as $ 45,000, a 17% drop.
The decline extended the currency decline from the all-time high of $ 58,354 reached on Sunday, although Bitcoin still records a gain of around 60% this year.
“The types of hikes that we have been seeing are not sustainable and only invite to withdraw from this asset”said Craig Erlam, senior market analyst at OANDA.
Ethereum, the second largest currency of its kind by market capitalization and which often moves in line with bitcoin, It was also down more than 17% and later traded at $ 1,461, a nearly 30% decline from the record it reached last week.
The cryptocurrency markets have shown a strong escalation this year as large companies and institutional investors began to take the emerging asset seriously, bringing money to the sector and generating confidence among small speculators.
An investment of $ 1.5 billion by electric car maker Tesla helped the virtual currency to appreciate above $ 50,000 and that could lead to the company’s share price becoming more sensitive to shocks. bitcoin operations.