Bitcoin plunged as much as 15 percent to below $14,500 on profit-taking Friday, capping a roller-coaster week that saw the currency hit a series of record highs and underlining concerns about its volatility.

The virtual currency, which has no central bank backing and no legal exchange rate, briefly hit a new record of $17,000 before plunging to $14,480 in Asian afternoon trade, according to Bloomberg News.

It clawed back some ground and stood at $16,100 in later trading.

Created in 2009 as a bit of encrypted software, the digital money been used to buy everything from beer to pizza, and is increasingly accepted by major companies such as booking website Expedia.