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Is the bitcoin rally over?

Bloomberg
Bloomberg1/11/2021 02:22 PM GMT+08  • 2 min read
Is the bitcoin rally over?
The cryptocurrency slid as much as 18% over two days.
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The white-knuckle Bitcoin ride took another twist Monday as a two-day tumble in the digital currency stoked concern that the polarising cryptocurrency boom may run out of steam.

Bitcoin, the largest cryptocurrency, slid as much as 18% over Jan 10 and 11 to as low as about US$33,500 ($44,532.22). That’s the biggest two-day slide since May last year and follows a record high of almost US$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.

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