Bitcoin plummeted to its lowest in almost a year before rebounding sharply, as coronavirus panic selling hit asset classes across global markets, Reuters has reported.

In highly volatile trading, bitcoin fell over 20 per cent to around $3,850 in overnight trading, its lowest since March last year, before clawing back some of its losses. It was last up 9pc at $5,270.

On Thursday, bitcoin suffered its worst daily loss in nearly seven years, losing almost 40pc as the rout of major stock markets over the economic impact of the coronavirus outbreak spread to cryptocurrencies.