Bitcoin plunges 17% as record-shattering rally succumbs to valuation fears | Currency News | Financial and Business News

Bitcoin tumbled as much as 17% on Monday, to below $48,000.

On Sunday, the cryptocurrency hit a record of $58,042, bringing its year-to-date gain to over 100%. On Friday, it reached a market capitalization of $1 trillion.

Monday’s slide is a sign of the wariness of the cryptocurrency’s rapid ascent. Bears have long said bitcoin is in bubble territory, comparing the recent rally to what played out in 2017, when bitcoin plunged by 45%…

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