Bitcoin slumps 10% as pullback from record continues

Fears that U.S. President Joe Biden's administration could attempt to regulate cryptocurrencies have also weighed

  
A representation of virtual currency Bitcoin and small toy figures are placed on computer motherboard in this illustration taken January 7, 2021.

A representation of virtual currency Bitcoin and small toy figures are placed on computer motherboard in this illustration taken January 7, 2021.

REUTERS/Dado Ruvic

LONDON - 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) ((julien.ponthus@thomsonreuters.com; 02075426189; Reuters Messaging: julien.ponthus.thomsonreuters.com@reuters.net))

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