Bitcoin plummets in major sell-off

Bitcoin plummeted on Friday, with the cryptocurrency trading around 30% below the record highs set earlier this week.

Bitcoin was trading at just $13,400 as at 0702 GMT compared with the all-time high of $19,666 reached on Sunday.

The cryptocurrency is known for its wild moves; in November it plunged 30% in the space of four days and in September it lost 40% before resuming its upward climb again.

This latest sell-off appears to be one of the sharper downward swings, however, coming within just a matter of days of a new record high.

Mixed news

On Wednesday, a South Korean cryptocurrency exchange went into bankruptcy after a cyber-attack, while San Francisco-based Coinbase revealed it was investigating some of its staff over sudden price moves.

Recent news flow benefiting bitcoin included the moves from Cboe Global Markets and CME Group to launch futures and the announcement from Goldman Sachs that it was creating a crypto trading desk.