Bitcoin slides amid regulatory crackdown and profit-taking

CNBC’s Kate Rooney takes a take a look at what brought on the bitcoin selloff over the weekend. Subscribe to CNBC PRO for entry to investor and analyst insights on crypto and extra:

The value of bitcoin tumbled over the weekend and was down as a lot as 19.5% from report highs posted by the favored cryptocurrency previously week.

Bitcoin dropped as little as $52,148.98 on Sunday morning after reaching an all-time excessive above $64,800 on Wednesday, in response to CoinDesk. It was final buying and selling simply over $55,795.

Different cryptocurrencies, together with ether and dogecoin, additionally took a success over the weekend. The value of ether, the second-biggest token by market worth, dropped as a lot as 18% and fell beneath $2,000 on Sunday earlier than extra just lately buying and selling at over $2,150. The token had additionally just lately hit report highs, topping $2,500 on Thursday.

In the meantime, dogecoin, which soared greater than 400% at one level final week and hit an all-time excessive of 45 cents, dropped as little as 24 cents this weekend.

What precisely is driving the drop is unclear.

An unverified report on Twitter claimed that the U.S. Treasury Division may very well be trying to crack down on monetary establishments for cash laundering utilizing cryptocurrency.

A tweet from the account @Fxhedgers that referred to the opportunity of a crackdown, citing unnamed sources, went viral on Saturday night.

The U.S. Treasury Division didn’t instantly reply to CNBC’s request for remark.

The cryptocurrencies hit report highs this previous week amid the joy surrounding the inventory market debut of cryptocurrency buying and selling platform Coinbase, which grew to become the biggest cryptocurrency firm to go public on Wednesday. The corporate’s blockbuster direct itemizing briefly valued Coinbase at about $100 billion (earlier than falling to simply over $62 billion by the top of the week), giving a lift to the remainder of the cryptocurrency business.

Regardless of these report costs, some buyers have been involved that cryptocurrencies like bitcoin are experiencing a bubble. The current spike by dogecoin, which began as a joke primarily based on the 2013 “Doge” meme, particularly, has fueled issues of a bubble within the cryptocurrency market.

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  2. Bla bla bla usual jawboning without actual regulation (because it can't work) and investors still believe it. Just like they believe in the Fed's "tools" to curb inflation lol

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  4. It's difficult to regulate bitcoin. good luck lol. The only way to do it, would be to regulate the internet and become china 2.0 haha people forget that bitcoin is up 80% since January.

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