"Price volatility stemming from speculative demand remains an important obstacle to the wide acceptance of cryptoassets as a means of payment," it said.
Bitcoin, the biggest and most popular cryptocurrency rose nearly 14% on Thursday to $42,000, after plunging 14% a day earlier to its lowest since late January.
The sharp declines came after China banned financial and payment institutions from providing cryptocurrency services.
Bitcoin dropped to $30,066, the lowest since late January. It was last down 22% at $33,502. The most popular cryptocurrency posted its largest one-day loss since March 2020.