Bitcoin Plummets as Doubts Grow Over Sky-High Valuation

Bitcoin Plummets as Doubts Grow Over Sky-High Valuation
A representation of virtual currency Bitcoin and small toy figures are placed on computer motherboard in this illustration taken on Jan. 7, 2021. Dado Ruvic/Reuters
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LONDON/SINGAPORE—Bitcoin plummeted as much as 17 percent on Tuesday as investors grew nervous at sky-high valuations, triggering the liquidation of leveraged bets and sparking a sell-off across cryptocurrency markets.

The world’s biggest cryptocurrency was facing its biggest daily drop in a month, falling to as low as $45,000. In choppy trading, it was last down 15.6 percent.