The price of a bitcoin hit a low of $52,810.06 late Saturday after it tumbled more than $7,000 in a single hour, before the losses eased.
The sharp rise in the value of bitcoins recently has led to worries of a potential bubble in the cryptocurrency market, some analysts warn, with bitcoin more than doubling since the start of 2021.
Bitcoin has been highly volatile.
Dogecoin, the cryptocurrency created as a spoof, hit a record Friday.
Bitcoin had already been under pressure in recent days.