Bitcoin has experienced a significant decline, accumulating further losses following a volatile week for the leading cryptocurrency globally.
The value of the digital currency fell by almost 14 percent on Friday morning, settling around $62,900 at 01:00 GMT.
The decline extends a series of sharp losses that began last weekend, when the cryptocurrency dropped below $80,000.
Following the recent decline, Bitcoin, known for its significant price fluctuations, has lost approximately one-third of its value since the beginning of the year.
Bitcoin surged following the re-election of United States President Donald Trump, which heightened hopes that Washington would implement a regulatory framework favorable to cryptocurrencies after years of strict measures. The digital currency reached $100,000 for the first time in December 2024.
However, the digital asset has mostly been declining since October, when it reached a record high of over $127,000, due to geopolitical and regulatory uncertainties.
A bill supported by Trump to oversee digital asset trading has hit a roadblock in the US Senate due to disagreements between banks and cryptocurrency companies.
The cryptocurrency company owned by the Trump family, World Liberty Financial, is facing examination by the US Congress. This follows a report by The Wall Street Journal indicating that representatives of an Abu Dhabi official agreed to invest $500 million for a significant share in the business.
Bitcoin's recent decline occurs alongside a significant sell-off in global stocks and commodities.
On Wednesday, the S&P 500, which serves as Wall Street's benchmark, decreased by 1.2 percent, and the Nasdaq Composite, known for its focus on technology, declined by approximately 1.6 percent.
Amazon's stock dropped over 11 percent in after-hours trading as its $200 billion investment in AI-related infrastructure raised concerns about a potential tech bubble.
In the Asia Pacific region, South Korea's KOSPI dropped approximately 5 percent during early morning trading, whereas Australia's ASX 200 and Japan's Nikkei 225 decreased by over 1 percent and 1.6 percent, respectively.
After experiencing significant gains in 2025, precious metals have been on a turbulent path and have continued their recent trend of losses.
On Thursday, gold prices fell by over 4 percent, with the metal trading at approximately $4,720 per ounce.
Silver, which has experienced even more volatile price fluctuations, dropped by up to 18.5 percent, with its trading value around $69.