Bitcoin fell $ 8,000 to $ 52,148 on Sunday, April 18, the lowest level in three weeks. The fall in the price of bitcoin also led to the bursting of the coin bubble.
to the the report Bitcoin Desk, the price of Bitcoin reached its three-week low early Sunday. The fall in the price of bitcoin led to a drop in the price of coins whose price had risen after the public offering of Coin Base shares on the Nasdaq Stock Exchange.
According to Ryan Watkins, a researcher at Messari Data Analysis, the price of bitcoin fell from about $ 60,000 to $ 52,148 in just 15 minutes during Asian trading hours, taking about $ 4 billion. Liquid derivatives market.
Although the exact cause of the sudden crash is not yet known, there are rumors that the US Treasury Department intends to prosecute several financial institutions for money laundering using digital currencies. Some have linked the fall in bitcoin prices and the turbulent digital currency market to the news.
At the time of writing, Bitcoin is trading at around $ 54,440, which shows a 12.6% drop in the price of this digital currency in the last 24 hours. Meanwhile, ether (ETH) has seen a drop of about 13 percent.
Data show that other altcoins, including Ripple (XRP), Polkadot (DOT), Litecoin (LTC) and Bitcoin Cash (BCH), have also seen a 17 to 20 percent drop in the past 24 hours. Dogecoin lost just 6 percent of its value.
The public offering of Coin Base shares on the Nasdaq Stock Exchange on April 14 (April 25) caused a great deal of excitement in the digital currency market. It was on the eve of this event that the Ripple (XRP) and Dogecoin currencies experienced record low price increases.
The price of Bitcoin had reached above $ 60,000 in the days leading up to the IPO of the stock, and on April 14, it was able to record a historic decline of $ 64,801.