Bitcoin sees largest daily drop of 10% in a month, hits $48,575

bitcoin 23 feb
(Photo for representation: Pixabay)

The world’s largest cryptocurrency was facing its most crucial daily fall in a month, falling to as low as 32,61,991 Indian Rupee.

Bitcoin climbed as much as 17 percent on Tuesday as investors grew nervous at sky-high valuations, triggering the liquidation of leveraged stakes and sparking a sell-off across cryptocurrency markets.

Cryptocurrency markets have been running hot this season as large money managers and companies start to take the emerging asset class seriously, piling money into the industry and driving small-time speculators’ confidence.

The fall took its declines to more than a fifth from a record high of 42,30,063 Indian Rupee hit Sunday and underscored the emerging asset’s volatility – though it is still up around 60 percent annually.

Ether, the planet’s second-largest cryptocurrency by market capitalization, which often moves in tandem with bitcoin, also fell more than 20 percent to 1,02,223 Indian Rupee, down over 30 percent from a week’s record summit.