Photographer: Andrey Rudakov / Bloomberg
Photographer: Andrey Rudakov / Bloomberg
Bitcoin fell the most in more than seven weeks, just days after hitting a record high.
The token fell 8.5% to $ 55,689.98 from 1:48 pm in Singapore on Sunday, after falling a whopping 15.1% to $ 51,707.51 earlier. Ether, the second largest cryptocurrency, is down nearly 8%.
Several online reports attributed the plunge to speculation that the U.S. Treasury might crack down on money laundering carried out through digital assets.
Bitcoin hit a record high of $ 64,869.78 last week ahead of its debut trade for cryptocurrency exchange Coinbase Global Inc. on the Nasdaq Wednesday. The original and largest crypto coin, Bitcoin, is valued at over $ 1 trillion after an increase of more than 800% in the last year.
Bitcoin is approaching $ 65,000 with Coinbase listing driving demand