Bitcoin (BTC) drops toward $60,000 as major cryptocurrencies plunge

A representations of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken May 19, 2021.

Dado Ruvic | Reuters

Bitcoin and other cryptocurrencies fell sharply on Tuesday retreating from near-record highs.

Bitcoin fell toward $60,000 during late morning trade Singapore time, according to CoinDesk data. It recovered some of those loses and was trading at around $61,402.42 at 12:41 p.m. Singapore, down 6.7% from 24 hours before.

Ether, meanwhile, fell nearly 8% to $4,337.89.

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