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, in the last 24 hours has dropped about 9% to $55,268 as of time of publishing, according to CoinMarketCap.
Similarly, Ethereum 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 (Nasdaq: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.
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Simple Profit Taking is, after all, the way of making a profit buying and selling stocks. Thus it certainly can be anticipated whenever the rising of the price slows. And it appears that selling reduces the bidding up trend a bit. Emotion driven processes tend to work that way.