Bitcoin has rough weekend as price slumps back below $10 000

Largest cryptocurrency retreats.
Image: Bloomberg

Bitcoin slumped over the weekend after rising back above $10 000 late last week.

The largest cryptocurrency fell 10% on Sunday according to Bitstamp pricing, its biggest one-day drop since March 12. It has dropped 13% from Friday and traded at $8 669 as of 7:45 a.m. in Hong Kong, according to composite pricing on Bloomberg.

The volatility in Bitcoin comes in a week when a halving is expected, an event that happens about every four years and slows down the rate at which new tokens are created — an intentional feature designed to control inflation.

© 2020 Bloomberg

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