Bitcoin’s wild ride continues with fresh double-digit drop in USD price

Bitcoin extended its sharp decline on Friday, posting another double-digit percentage loss after a turbulent week for the world’s largest cryptocurrency.

The digital currency was down nearly 14 percent in early trading, hovering around $62,900 at about 01:00 GMT. The fall adds to a broader sell-off that began last weekend, when Bitcoin slipped below the $80,000 mark.

The latest move leaves Bitcoin down roughly one-third since the start of the year, highlighting the extreme volatility that continues to define the asset.

Bitcoin had surged late last year after the re-election of US President Donald Trump fuelled expectations of a more favourable regulatory environment for digital assets. That optimism pushed prices above $100,000 for the first time in December 2024.

However, momentum has faded in recent months. Prices have trended lower since October, when Bitcoin reached a record high above $127,000, as investors grapple with geopolitical risks and uncertainty over cryptocurrency regulation.

A Trump-backed bill aimed at establishing a regulatory framework for digital asset trading has stalled in the US Senate, amid disagreements between traditional banks and cryptocurrency firms. Meanwhile, scrutiny has intensified around World Liberty Financial, a cryptocurrency venture linked to the Trump family, following reports of a proposed $500m investment by representatives of an Abu Dhabi official.

Bitcoin’s downturn has coincided with weakness across global financial markets. US equities retreated midweek, with the S&P 500 falling 1.2 percent and the Nasdaq Composite sliding about 1.6 percent. Shares of Amazon dropped more than 11 percent in after-hours trading after the company announced plans to invest heavily in artificial intelligence infrastructure, reigniting concerns over a potential tech bubble.

Losses also spread across Asia-Pacific markets. South Korea’s KOSPI fell about 5 percent in early trading, while Australia’s ASX 200 and Japan’s Nikkei 225 declined more than 1 percent and 1.6 percent, respectively.

Commodities and precious metals were not spared. Gold fell more than 4 percent to around $4,720 an ounce, while silver slumped as much as 18.5 percent to roughly $69, underscoring heightened volatility across global markets.

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