Bitcoin plummeted to its lowest in almost a year on Friday before rebounding sharply, as coronavirus panic selling hit asset classes across global markets.
In highly volatile trading, bitcoin BTC=BTSP fell over 20 percent to around $3,850 in overnight trading, its lowest since March last year, before clawing back some of its losses. It was last up 9 percent at $5,270.
On Thursday, bitcoin suffered its worst daily loss in nearly seven years, losing almost 40 percent as the rout of major stock markets over the economic impact of the coronavirus outbreak spread to cryptocurrencies.
Bitcoin has lost around 60 percent of its value since Saturday, underscoring its challenges in becoming a usable currency.