Bitcoin fell by as much as 14 per cent to $51,541 on Sunday amid unconfirmed Twitter speculation that the US Treasury may crack down on money laundering that’s carried out through cryptocurrency.
The selloff meant the cryptocurrency reversed most of the big gains it made over the past week.
The latest dip meant it was trading at $53,991, which is a whopping $12,000 below record highs of above $64,800 set on Wednesday.
Smaller rival Ether, the coin linked to the ethereum blockchain network, dropped 10 per cent to $2,101.
Bitcoin fell by as much as 14 per cent to $51,541 on Sunday morning, reversing most of the gains of a record week that saw it reach highs of ab
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The tumbling prices came after a record week for cryptocurrency. In the run up to Coinbase Global Inc going public on Wednesday, the value of of all coins surged past $2.25 trillion amid a frenzy of buying.
Founded in 2012, Coinbase became popular among cryptocurrency fans by providing them with an easier way to exchange shares of Bitcoin and other digital currencies.
Unlike many newly public companies Coinbase is profitable,