High soaring virtual currency, Bitcoin plunged as much as 15 per cent to below US$14,500 on profit-taking Friday, capping a roller-coaster week that saw the currency hit a series of record highs and underlining concerns about its volatility.
Bitcoin, which has no central bank backing and no legal exchange rate, briefly hit a new record of US$17,000 before plunging to US$14,480 in Asian afternoon trade, according to Bloomberg News.
It clawed back some ground and stood at US$16,100 in later trading.
Created in 2009 as a bit of encrypted software, the digital money has been used to buy everything from beer to pizza, and is increasingly accepted by major companies such as booking website Expedia.
It has soared more than 50 per cent in just a week and is up from a 2017 low of US$752 in mid-January.
Analysts have put the surge down to growing acceptance among traditional investors and a decision by US regulators to allow Bitcoin futures to trade on major exchanges.
But some, including the US Federal Reserve, have warned against dabbling in Bitcoin as it could threaten financial stability, and fears of a bubble have increased as the price has soared.
