Bitcoin sinks into biggest intraday drop since February

Bitcoin mining on the Russian farm CryptoUniverse

Photographer: Andrey Rudakov / Bloomberg

Bitcoin sank the most in more than seven weeks, just days after hitting a record high.

The largest crypto currency fell 8.5% to $ 55,810.32 at 2:52 pm in Singapore on Sunday, after falling as much as 15.1% to $ 51,707.51. Ether, the second-largest token, fell nearly 18% before cutting losses.

Various reports online attributed the drop to speculation that the US Treasury could crack down on money laundering that takes place through digital assets.

Bitcoin hit a record high of $ 64,869.78 last week ahead of the debut trade for cryptocurrency exchange Coinbase Global Inc. on the Nasdaq on Wednesday. The original crypto currency, Bitcoin, is valued at more than $ 1 trillion after an increase of more than 800% in the last year.

Bitcoin Nears $ 65,000 With Coinbase Listing Driving Demand


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