Bitcoin slid as much as 21% over Sunday and Monday in the biggest two-day slide since March. While the digital token recovered some of the losses during the European session, it was still down for the day.
"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 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. Prices almost reached $42,000 on Jan. 8 with retail traders and Wall Street investors clamoring for a piece of the action.
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