Bitcoin falls 10% to $33,747; ether also down 14% to $1,973.96

Bitcoin is now down 48 per cent, from the year's high

Bitcoin dipped 10 per cent to $33,747.21 at 1400 GMT (10 am ET) on Sunday, losing $3,753.33 from its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is down 48 per cent from the year's high of $64,895.22 on April 14.

Ether, the coin linked to the ethereum blockchain network, dropped 14 per cent to $1,973.96 on Sunday, losing $322.35 from its previous close. Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours.

“Many point to Bitcoin’s volatility as untenable," wrote RBC Capital Markets' Amy Wu Silverman in a research note published on Saturday. "Indeed, Bitcoin makes severe and dizzying swings." Bitcoin had been under pressure after a series of tweets last week by billionaire Tesla Chief Executive and cryptocurrency backer Elon Musk, chiefly his reversal on Tesla accepting bitcoin as payment.

In addition, on Friday China cracked down on mining and trading of the largest cryptocurrency as part of ongoing efforts to prevent speculative and financial risks.

China's Financial Stability and Development Committee, chaired by Vice Premier Liu He, singled out bitcoin as the asset it needs to regulate more.

The statement, which came days after three Chinese industry bodies tightened a ban on banks and payment companies providing crypto-related services, was a sharp escalation of the country's push to stamp out speculation and fraud in virtual currencies.