Bitcoin falls $8,000 to three week low

NEW YORK: The biggest cryptocurrency by market value dropped from roughly $60,000 to $52,148 in 15 minutes during the Asian session, liquidating almost $4 billion worth of positions in the derivatives market.

While the exact reason for the sudden crash is unknown, the market mood may have soured due to rumors that the U.S. Treasury is planning to charge several financial institutions for money laundering using cryptocurrencies. CoinDesk has been unable to independently verify any pending government action.

Other altcoins such as XRP (-21.51%), polkadot, litecoin (LTC, -18.36%), bitcoin cash (BCH, -21.07%) have 17% to 20% in the past 24 hours, while dogecoin (DOGE, +17.47%) is nursing a 6% loss, as per CoinDesk 20 data.

Payments-focused XRP and meme cryptocurrency dogecoin recently saw huge retail-led price rallies as Coinbase’s hotly-anticipated listing on Nasdaq on April 14 created general euphoria around the sector.

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Bitcoin rallied above $60,000 in the days leading up to Coinbase’s listing and clocked a record high of $64,801 on April 14.

 

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