Bitcoin fell as much as 21% over Sunday and Monday in the worst two-day slide since March, reports Bloomberg. The steep selloff fueled concerns that the cryptocurrency bubble may be about to burst, having quadrupled in the past year. 

Bitcoin Plunges the Biggest Since March, Sheds Fears in Crypto Boom
  • Analysts warn that Bitcoin’s parabolic rise is unsustainable in the near term,” and it is “time to take some money off the table.” – Scott Minerd, Guggenheim Investments. 
  • Bitcoin enthusiasts have defended its rally, saying this time is different from past boom-bust cycles since the asset has matured with institutional investors’ entry.
  • The enthusiasts also point that Bitcoin is becoming a legitimate hedge against dollar weakness and inflation risk.
  • Some Investors worry that Bitcoin’s rally is untethered from reason and fueled by vast fiscal and monetary stimulus, and is unlikely to ever serve as a viable currency alternative.
  • On Monday, U.K’s financial watchdog warned consumers looking to profit from Bitcoin to “be ready to lose everything.”

Bitcoin is currently declining. BTCUSD is down 11.45%