Bitcoin Plummets 17% To $45,000 Amid Concerns Over High Valuation

Bitcoin slumped as much as 17 per cent to $45,000 on Tuesday, February 23, amid concerns from investors over the cryptocurrency’s sky-high valuations, triggering the liquidation of leveraged bets. The world’s most popular cryptocurrency faced its biggest daily drop in a month, as it lost steam and fell to the $45,000 mark. Bitcoin was last down 9.84 per cent at $47,930.3 in choppy trading. The massive drop in prices took its losses to over a fifth from a record high of $58,354 hit on Sunday, February 21, and underscored the volatility of the emerging asset. However, the cryptocurrency is still up around 60 per cent this year.