Bitcoin slumps 10% as pullback from record continues

FILE PHOTO: A representation of virtual currency bitcoin is seen in this illustration taken November 19, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) – Bitcoin slumped 10% 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 U.S. President Joe Biden’s administration could attempt to regulate cryptocurrencies have also weighed, traders said.

Reporting by Julien Ponthus; editing by Tom Wilson

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