Bitcoin fell as much as 6% on Friday to its lowest in two weeks, as a rout in global bond markets sent yields flying and sparked a sell-off in riskier assets.
The world's biggest cryptocurrency slumped as low as $44,451 before recovering some of its losses. It was last trading down 1.3% at $46,588.
The sell-off echoed that in equity markets, where European stocks tumbled as much as 1.5%, with concerns over lofty valuations also hammering demand. Asian stocks fell by the most in nine months.
Bitcoin has risen about 60% from the start of the year, hitting an all-time high of $58,354 this month as mainstream companies such as Tesla Inc and Mastercard Inc embraced cryptocurrencies.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks