Bitcoin plunged below $13,000 (£10,970) on Friday after losing around a third of its value in just five days, with the digital currency on track for its worst week since 2013 after a blistering ascent to a peak close to $20,000 on Sunday, Reuters reports.
The biggest and best-known cryptocurrency had seen a staggering twentyfold increase since the start of the year, climbing from less than $1,000 to as high as $19,666 on the Luxembourg-based Bitstamp exchange BTC=BTSP on Sunday and to over $20,000 on other exchanges.
But bitcoin has fallen each day since then, with losses accelerating on Friday. It fell to as low as $12,560 on Bitstamp, marking a fall of almost 20 percent on the day. At 0850 GMT it was trading down 15 percent on the day at $13,320 and was heading for its worst day in more than three months.
For the week, it was down around a third – its worst performance since April 2013.
“A manic upward swing led by the herd will be followed by a downturn as the emotional sentiment changes,” said Charl