"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.
A $1.5 billion bitcoin bet last month by Tesla Inc saw Elon Musk's electric car company join business software firm MicroStrategy Inc and Twitter boss Jack Dorsey's payments company Square Inc in swapping some traditional cash reserves for the digital coin.
Amid rising customer demand to own and invest in bitcoin, Goldman Sachs Group Inc. said this week that it is exploring how to serve those clients while remaining on the right side of regulation.
The deal will provide the merged entity with gross cash proceeds of $595 million, which includes $425 million from investors including Fidelity Management & Research Company and Morgan Stanley's Counterpoint Global.
Good Work, a special purpose acquisition company, or SPAC, raised $150 million through an initial public offering last year.
Twitter CEO Jack Dorsey's credit and payments firm Square has invested $170 million in Bitcoin, tripling his previous investment in the cryptocurrency giant.
The announcement came as Bitcoin's value surged past $50,000, setting a new record.
Shares of companies that have invested in bitcoin have vastly outperformed on Wall Street in 2021 and are extending their gains thanks to Tesla’s $1.5 billion bet on the soaring digital currency.
The price of bitcoin hit a record high over $48,000 on Tuesday in a two-day surge after Tesla said on Monday that it had bought the digital currency and would soon accept it as a form of payment for cars.
Analysts said the move by one of the world’s best-known companies was liable to prove a game changer for bitcoin.
Musk said a week ago that bitcoin was “on the verge” of being more widely accepted among investors and in December asked if it was possible to do large transactions in the currency.
