Bitcoin wavered on Friday and was heading toward its sharpest weekly drop since September, as worries over regulation and its frothy rally drove a pullback from recent record highs.
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Bitcoin slumped 10% on Thursday to a 10-day low of $31 977 as the world’s most popular cryptocurrency continued to retreat from the $42 000 record high hit on 8 January.
More big investors are speculating that bitcoin will gain wider acceptance and shake up the financial world, maybe by filling the role of gold as a hedge against inflation better than gold can.
European Central Bank president Christine Lagarde called on Wednesday for global regulation of bitcoin, saying the digital currency had been used for money laundering activities.
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The white-knuckle bitcoin ride took another twist on Monday as a two-day tumble in the digital currency stoked concern that the polarising cryptocurrency boom may run out of steam.
Bitcoin jumped more than 5% on Friday to fresh record highs of $41 530, reversing losses from earlier in the session. It has now rallied nearly 1 000% since a low in March.
The total market value of cryptocurrencies surpassed $1-trillion for the first time on Thursday amid a frenzied and volatile rally in bitcoin to yet another record.
Bitcoin jumped to another all-time high on Wednesday, just two days after registering its biggest one-day decline since March.