Bitcoin dropped to as low as $14,095.62 Friday morning just after 6:30 a.m. ET, according to industry site CoinDesk.

That was a nearly 18 percent decline from earlier highs on the day of $17,153.94, according to the site, which averages prices from major exchanges.

In fact, bitcoin had actually rocketed above $19,000 on Thursday on the Coinbase exchange. The digital currency hit a high of $19,340 on that platform before notching a huge decrease.

The price on Coinbase, one of the major cryptocurrency exchanges accounting for a third of bitcoin trading volume, is often at a premium over other platforms.

"It goes without saying that prices have reached a level where sentiment is exhibiting short-term euphoria," Mark Newton, managing member at Newton Advisors, wrote in an earlier note to clients. "But to think prices are at mania levels where this could suffer a serious crash here… is a bit ridiculous."

"I truly don't think people are involved on a mass scale yet. We've heard the fraud claims. Now we need people profiting immensely all around us and making forecasts for $1 million, etc., for it to truly have reached a euphoric peak," Newton said.