Bitcoin fell below $60,000 for first time since Nov. 1 on Tuesday, while the cryptocurrency ether also dropped sharply.

Bitcoin -- which last week hit a new record high of $69,000 -- fell to as low as $58,600, its weakest in 19 days, and was last down around 7 per cent on the day. It is down 14 per cent from that peak.

Ether, the world's second biggest cryptocurrency, fell to a 19-day low of $4,109.03 and was last down around 9.7 per cent on the day.

If sustained, the move will be both cryptocurrencies' biggest daily fall since September.