Bitcoin slumps 10% as pullback from record continues

Bitcoin slumped 10 per cent on Thursday to a 10-day low of $31,977 as the world’s most popular cryptocurrency continued to retreat from the $42,000 record high hit on Jan. 8.

The pullback came amid growing concerns that bitcoin is one of a number of financial bubbles threatening the overall stability of global markets.

Fears that US President Joe Biden’s administration could attempt to regulate cryptocurrencies have also weighed, traders said.