Bitcoin suddenly plummeted Monday, after breaking higher over the weekend to an all-time high.
The decline came as major U.S. technology stocks fell for a second-straight day on concerns that the sector has risen to unsustainable levels.
The cryptocurrency climbed above the psychologically key $3,000 level Sunday to hit a record high of $3,041.36, according to CoinDesk. The gains were helped by news that several major Chinese bitcoin exchanges were allowing withdrawals of the currency after a months-long hiatus.
However, a sharp move lower Monday afternoon ET illustrated how volatile the cryptocurrency can be.
Bitcoin suddenly dropped more than 16 percent on the day to $2,532.87 before recovering slightly, CoinDesk data showed. The digital currency was last trading near $2,576.46.
Bitcoin one-day performance
Even with Monday’s decline, bitcoin remained more than 150 percent higher for the year so far. The currency first topped the $2,000 level on May 20, less than 4 weeks ago.