Other digital currencies, including Ethereum and Dogecoin, also fell around 8% or more.
It’s not clear what is driving the recent downturn, but there have been a handful of new developments that could unsettle investors.
Even former US President Donald Trump recently knocked on Bitcoin and told Fox Business on Monday that the currency “looks like a scam” that “takes the edge off the dollar”.
The sell-off could worsen if Bitcoin prices drop below $ 30,000. according to Jeffrey Halley, senior market analyst for the Asia-Pacific region at Oanda.
Breaking that barrier would “Basically going long every long position since Jan 1st, which I believe will trigger another surrender trade,” he wrote in a research note on Tuesday.
– Julia Horowitz and Paul R. La Monica contributed to this article.