In less than 48 hours, Bitcoin lost more than 10 percent and wiped out billions of dollars from the crypto market.
As doubts about its technology and regulation extended a pullback from recent record highs, Bitcoin dropped heavily on Friday and was moving for its sharpest weekly drop since March 2020.
In the Asia session, the world’s most famous cryptocurrency dropped more than 5 percent to a nearly three-week low of $28,800, before standing at around $30,000. So far this week, it has lost 15 percent, the biggest drop since a 33 percent fall in March.
Bitcoin is somewhere around 30 percent below the record high of $42,000 it reached two weeks ago, losing ground despite mounting worries that it is one of a number of bubbles in the price of the stock market and attracting the attention of regulators as cryptocurrencies.