Bitcoin has struggled to recover from last week’s wild swings, with the price of the popular but volatile digital currency giving up some of its weekend recovery to trade at about $14,000 by midday on Sunday in New York.
The cryptocurrency tumbled more than 30 per cent for its biggest reverse of the year before a similarly steep rally on Friday, with the frenzied trading bringing a major cryptocurrency exchange to a standstill as investors reacted to warnings from global regulators and concerns about security in the nascent market.
Bitcoin reached a peak of $19,666 on December 17, but collapsed as much as 31.8 per cent on Friday to a low of $10,775 per coin. It clawed back some of its losses on Friday morning and Saturday to reach above $16,000 again, before slipping back just below the $14,000 mark on Sunday.