Worst Bitcoin plunge since March shakes faith in crypto boom

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 polarizing cryptocurrency boom may run out of steam.

Bitcoin, the largest cryptocurrency, slid as much as 21% over Sunday and Monday to as low as $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 $42,000 on Jan. 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.