Bitcoin Price Falls $8K to 3-Week Low, Altcoins Crash.

Bitcoin nosedived to three-week lows early Sunday, puncturing the frenzied speculative bubble built into several alternative cryptocurrencies (altcoins) within the wake of Coinbase’s recent debut on Nasdaq.

  • - The biggest cryptocurrency by market price dropped from roughly $60,000 to $52,148 in quarter-hour during the Asian session, liquidating almost $4 billion worth of positions within the derivatives market, consistent with Messari's Ryan Watkins.

  • - While the precise reason for the sudden crash is unknown, the market mood may have soured thanks to rumors that the U.S. Treasury is getting to charge several financial institutions for concealment using cryptocurrencies. 

  • - At press time, bitcoin (BTC, -10.07%) is changing hands near $55,600, representing a 12% drop on a 24-hour basis, while ether (ETH, -12.37%), the second-largest coin is down almost 13%.

  • - Other altcoins like XRP (-17.23%), polkadot, litecoin (LTC, -15.88%), bitcoin cash (BCH, -16.82%) have 17% to twenty within the past 24 hours, while dogecoin (DOGE, -7.74%) 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 Pan American Day created general euphoria round the sector.

  • - Bitcoin rallied above $60,000 within the days leading up to Coinbase's listing and clocked a record high of $64,801 on Pan American Day .

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