Bitcoin Plunges, Taking Other Cryptocurrencies With It

Bitcoin Plunges, Taking Other Cryptocurrencies With It

After reaching a record a few days ago, Bitcoin is dropping, along with other popular cryptocurrencies. Here are some of the latest numbers:

  • The world’s biggest cryptocurrency, Bitcoin BTC/USD in the last 24 hours has dropped about 9% to $55,268 as of time of publishing, according to CoinMarketCap.
  • Similarly Ethereum ETH/USD fell almost 12% to $2,110, as of publication time. 
  • According to Bloomberg, the crypto markets are stumbling amid rumors that the U.S. Treasury Department may take action against financial institutions because of money-laundering concerns.
  • Simple profit-taking also is likely playing a part, given the highs that came following the listing of Coinbase Global Inc COIN last week. Bitcoin broke past $64,000 on Wednesday, the day of Coinbase's listing.
  • Dogecoin also is down from its record high of about 44 cents on Friday, now standing at $0.303 as of publication time, though it has since rebounded in the past 24 hours.
  • The drop also comes upon news of Coinbase insiders selling off shares right after Wednesday's listing.

Learn more: How to Buy Bitcoin (BTC)

Story updated to add latest on Dogecoin and news of Coinbase insiders selling shares.

Posted In: CryptocurrencyNewsMarkets

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