Bitcoin plummeted to its lowest in almost a year on Friday before rebounding sharply, as coronavirus panic selling hit asset classes across global markets.

In highly volatile trading, bitcoin fell over 20% to around $3,850 in overnight trading, its lowest since March last year, before clawing back some of its losses. It was last up 9% at $5,270.

On Thursday, bitcoin suffered its worst daily loss in nearly seven years, losing almost 40% as the rout of major stock markets over the economic impact of the coronavirus outbreak spread to cryptocurrencies.

Bitcoin has lost around 60% of its value since Saturday, underscoring its challenges in becoming a usable currency.

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