Bitcoin has fallen sharply, racking up more losses after a tumultuous week for the world’s most popular cryptocurrency.

The digital currency was down nearly 14 percent on Friday morning, hovering at about $62,900 as of 01:00 GMT.

The slide continues a run of steep losses that kicked off last weekend, when the digital currency fell below $80,000.

After the latest tumble, Bitcoin, which is famed for its dramatic price swings, is down about one-third in value since the start of the year.

Bitcoin soared after United States President Donald Trump’s re-election raised expectations that Washington would adopt a crypto-friendly regulatory regime after years of crackdowns, with the digital currency hitting $100,000 for the first time in December 2024.

But the digital asset has largely been on a downward spiral since October, when it hit an all-time peak of more than $127,000, amid geopolitical and regulatory uncertainty.

A Trump-backed bill to regulate the trade of digital assets has stalled in the US Senate amid divisions between banks and cryptocurrency firms.

The Trump family’s cryptocurrency firm, World Liberty Financial, has also come under scrutiny in the US Congress after The Wall Street Journal newspaper reported that representatives of an Abu Dhabi official had signed a deal to invest $500m for a major stake in the venture.

Bitcoin’s latest tumble comes amid a heavy sell-off in global stocks and commodities.

Wall Street’s benchmark S&P 500 dropped 1.2 percent on Wednesday, while the tech-focused Nasdaq Composite fell about 1.6 percent.

Shares of tech giant Amazon plunged more than 11 percent in after-hours trading after its plans to invest $200bn in artificial intelligence-related infrastructure stoked fears of a tech bubble.

In the Asia Pacific, South Korea’s KOSPI plunged about 5 percent in early morning trading, while Australia’s ASX 200 and Japan’s Nikkei 225 were down more than 1 percent and 1.6 percent, respectively.

Precious metals, which have been on a volatile ride after racking up huge gains in 2025, also continued their recent streak of losses.

Gold was down more than 4 percent on Thursday, trading at about $4,720 an ounce.

Silver, which has seen even more dramatic price swings, fell as much as 18.5 percent, trading at about $69.