Investing.com - Bitcoin dropped more than 10% on Friday after a strong recovery over the last several weeks helped the currency break the $8,000 mark.
Bitcoin slumped 10.4% to $7,060.60 as of 8:33 AM ET (12:33 GMT) on the Investing.com Index.
It's unclear what prompted the retreat in price, just as there was no apparent driver for the rally that began in early April. The digital currency reached a 10-month high of $8,306.80 on Tuesday.
"The sudden fall does not appear to have been driven by any particular news item," said Ryan Rabaglia, head of trading at digital asset brokerage OSL.
"Rather it looks to be driven by large sell orders by a handful of people or even just one person, who are likely realizing profits after the recent price rise or looking to acquire more at lower prices," Rabaglia said.
Still, Bitcoin looks on track for a weekly increase of 12%.
Elsewhere, Ethereum was down 7.8% to $228.91 and XRP slipped 9.4% to $0.36425 while Litecoin was down 7.8% to $85.889.
-Reuters contributed to this report.