Bitcoin prices fell sharply amid the global sell-off in equities.<\/p>\n
Luke MacGregor | Bloomberg | Getty Images<\/p>\n
Bitcoin briefly tumbled below $30,000 on Thursday, as the cryptocurrency continued a slide from record levels.<\/p>\n
The digital currency dropped as much as 17% to $29,246.77, wiping out about $100 billion from the market, according to data from CoinDesk. It's since pared losses slightly Friday, climbing back above $30,000 after trading beneath that level for over an hour.<\/p>\n
Bitcoin was last trading down around 3% at a price of $31,668. It's fallen more than 12% so far this week, and is now down roughly 25% since peaking at $41,940 earlier this month.<\/p>\n
The latest plunge, which comes without any clear reason, underscores the volatility of a currency that's become a popular investment for day traders in recent years even as it still has limited real-world application. Bitcoin rose over 300% in 2020, closing the year just above $29,000.<\/p>\n
Ether, the digital currency that's second to bitcoin in total value, dropped even more on Thursday, declining 22% to $1,053.80. It's since recouped some of its losses, off 3% at a price of $1,204, but still 16% below its high from earlier this week, according to CoinDesk. Ether rose 471% last year.<\/p>\n
President Joe Biden picked Gary Gensler, the former chairman of the Commodity Futures Trading Commission and an ex-Goldman Sachs banker, to be the next chair of the Securities and Exchange Commission. Gensler taught about cryptocurrencies at the Massachusetts Institute of Technology, starting in 2018.<\/p>\n
However, Biden's choice of Treasury Secretary, formerFederal ReserveChair Janet Yellen, is a crypto skeptic who warned earlier this week that the government may need to \"curtail\" the use of virtual currencies to prevent illicit activity.<\/p>\n
- CNBC's Ryan Browne contributed to this report.<\/p>\n
WATCH: Crypto market sheds $100B as investors await Biden's regulatory approach<\/p>\n
Nominations are open for the 2021 CNBC Disruptor 50, a list of private start-ups using breakthrough technology to become the next generation of great public companies. Submit by Friday, Feb. 12, at 3 pm EST.<\/p>\n
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