Bitcoin, Other Cryptocurrencies Plummet This Weekend

"The mania that drove crypto assets to records as Coinbase went public last week turned on itself on the weekend," report Bloomberg — as the price of bitcoin took a big dive: The world's biggest cryptocurrency plunged as much as 15% on Sunday, just days after reaching a record of $64,869. It subsequently pared some of the losses and was trading at about $56,440 at around 8:25 a.m. in Tokyo Monday. Ether, the second-biggest token, dropped as much as 18% to below $2,000 before also paring losses. The volatility buffeted Binance Coin, XRP and Cardano too. Dogecoin — the token started as a joke — bucked the trend and is up 7% over 24 hours, according to CoinGecko. The weekend carnage came after a heady period for the industry that saw the value of all coins surge past $2.25 trillion amid a frenzy of demand for all things crypto in the runup to Coinbase's direct listing on Wednesday. The largest U.S. crypto exchange ended the week valued at $68 billion, more than the owner of the New York Stock Exchange... Dogecoin, which has limited use and no fundamentals, rallied last week to be worth about $50 billion at one point before stumbling Saturday. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site a few times Friday, the online exchange said in a blog post. There was also speculation Sunday in several online reports that the crypto plunge was related to concerns the U.S. Treasury may crack down on money laundering carried out through digital assets... Besides the "unsubstantiated" report of a U.S. Treasury crackdown, Antoni Trenchev, co-founder of crypto lender Nexo, said factors for the declines may have included "excess leverage, Coinbase insiders dumping equity after the direct listing and a mass outage in China's Xinjiang province hitting Bitcoin miners."

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