Bitcoin fell as much as 15% late Saturday, its most significant intraday drop since February, just days after going record highs.
It’s unclear what prompted the sell-off.
According to Bloomberg, the fall in the world’s most popular digital coin came after reports accused the decline to speculation that the U.S. Treasury may take action against money laundering that’s sold out using digital assets.
The U.S. Treasury didn’t directly respond to requests for comment from USA TODAY.
Separately, a blackout in China’s Xinjiang region, which reportedly controls many Bitcoin mining, was accused of the sell-off, Reuters reported, citing data website CoinMarketCap.
The price of a bitcoin hit a level of $52,810.06 late Saturday after it plunged more than $7,000 in a single hour before the losses eased. Though the last time it touched that level was just three weeks ago, on March 26. Bitcoin is down 15% from its high of $64,895.22 on Wednesday.
Despite the drops, bitcoin is estimated at more than $1 trillion following a nearly 700% surge in the past 12 months.
Other cryptocurrencies also declined over the weekend. Ether, the second-biggest digital currency by market value, fell more than 10%.
Last week, bitcoin prices topped $64,000 as Coinbase, the largest U.S. crypto exchange, made its public appearance on the Nasdaq.
The Coinbase listing, which was seen as a landmark event for the cryptocurrency industry, has drawn amateur traders.
The sharp rise in bitcoins’ value has recently led to worries of a potential bubble in the cryptocurrency market, some analysts warn, with bitcoin more than doubling since the start of 2021. About 74% of those studied in Bank of America’s latest global fund managers report said the world’s most famous digital coin is a balloon.
Bitcoin has been highly unpredictable. In late 2017, the digital token rose to almost $20,000 before falling to nearly $3,000 the following year.
