Bitcoin fizzled in Monday trading as the famously volatile cryptocurrency pulled back after a spectacular new-year rally.

Prices fell as much as 17% in the biggest drop since March before recovering. The losses are small in the context of Bitcoin's broader rally, with a 50% jump in December alone. After a parabolic 2020, the digital currency had started the new year with a bang, surging as high as $34,000 and hitting all-time highs on Sunday.

Bitcoin was down 7% to $31,227 as of 12:59 p.m. in London.

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