The price of bitcoin fell over the weekend and fell to 19.5% from the record highs released by the popular digital currency last week.
Bitcoin fell to $ 52,148.98 on Sunday morning after hitting an all-time high above $ 64,800 on Wednesday, according to CoinDesk. It was last traded at just over $ 55,795.
Other cryptocurrencies, including ether and dogecoin, were also successful over the weekend. The price of ether, the second-largest witness by market value, fell to 18% and fell below $ 2,000 on Sunday before trading more recently to more than $ 2,150. The witness had also recently reached record highs, surpassing $ 2,500 on Thursday.
Meanwhile, dogecoin, which rose more than 400 percent at one point last week and hit an all-time high of 45 cents, dropped to 24 cents this weekend.
What exactly is driving the fall is unclear.
An unverified report on Twitter claimed that the U.S. Treasury Department could be seeking to crack down on financial institutions for money laundering using cryptocurrency.
An account tweet @Fxhedgers which referred to the possibility of a crackdown, citing unnamed sources, went viral Saturday evening.
The U.S. Treasury Department did not immediately respond to CNBC’s request for comment.
Cryptocurrencies hit all-time highs this past week amid excitement surrounding the stock market debut of cryptocurrency trading platform Coinbase, which became the largest cryptocurrency company to go public on Wednesday. The company’s direct box office list briefly valued Coinbase at about $ 100 billion (before falling to just over $ 62 billion by the end of the week), which gave a boost to the rest of the industry. cryptocurrencies.
Despite these record prices, some investors have worried that cryptocurrencies like bitcoin will experience a bubble. The recent rise of dogecoin, which began as a joke based on the 2013 “Doge” meme in particular, has fueled the concerns of a bubble in the cryptocurrency market.