It has since pared some of the losses and is down about 7 per cent in early trade
Bitcoin is also a hot topic in Mumbai locals
Blockchain ledgers can cut trading costs, minimise fraud risk
Short-term capital gains tax of 30% is likely to be levied if bitcoin is held for less than three years
The technical analysis suggests an extension of a wave, which could mean that bitcoin would easily surge above the psychologically important level of $20,000
BlackRock joins other major financial services firms which have weighed in on bitcoin's meteoric rise this year amid increasing mainstream acceptance
Bitcoin was launched in 2008 as a means of transacting among participants without the need for intermediaries
The acting governor of the Reserve Bank of New Zealand on Sunday said bitcoin appeared to be a "classic case" of a bubble.
A futures contract is a financial product that allows investors to bet on whether the currency's price will rise or fall
Bitcoin's supply is limited to 21 million - a number that is expected to be reached around the year 2140
It clawed back some ground and stood at $16,100 in later trading
Investment mogul Jack Bogle says there is nothing to support Bitcoin
The total value of all bitcoins released into the system so far has now reached as high as $283 billion.
Ban on trading is impossible to enforce
The cryptocurrency shows wild swings since Wednesday - within hours of crossing the $11,000-mark, plunges nearly 20% to $9,009 in less than 90 minutes, and then rises again to trade above $10,000
The cryptocurrency has climbed 10-fold so far this year
Cryptocurrencies holders have a claim on a private, rather than a public entity, which could go bust or stop functioning
New high came after leading US payments company Square Inc said late last week that it had started allowing select customers to buy and sell bitcoins on its Cash app
Bitcoin has split investors over the viability of the volatile cryptocurrency
Square says its customers have shown an appetite for the 'alt-currency'