Bitcoin on Tuesday plunged below $100,000 for the first time in more than four months, as cryptocurrency holders backed off the risk-on asset amid growing concerns about the sustainability of stock valuations driven to stratospheric heights by the artificial intelligence trade.

Bitcoin was last trading 5% lower on the day at $100,893, dipping at one point as low as $99,966. Tuesday marked the first time since June 23 that the flagship cryptocurrency traded below $100,000. Ether , the second-largest cryptocurrency by market capitalization, shed nearly 9% on Tuesday to trade at $3,275.

The leading cryptocurrencies attract many of the same investors as artificial intelligence stocks, linking the two trades when one goes bad. The Nasdaq Composite, home to the leading AI sto

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