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The price of Bitcoin plummeted Monday as a dizzying rally in the world’s biggest cryptocurrency hit a speed bump.
Bitcoin tumbled about 17 percent to $28,154.11 in early-morning trading just a day after it surged to a new all-time high of $34,544.94 on Sunday, according to data from cryptocurrency news site CoinDesk.
The popular digital coin pared the losses into the morning and was recently off about 5.3 percent at $31,205.83, giving it a market value of roughly $580 billion.
Bitcoin’s recent rally has been fueled by interest from investors hungry for fast gains and resistance to inflation, as well as hopes that it will become a more mainstream digital payment method.
