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Bitcoin sank down in biggest intraday drop since February

Bitcoin dove the most in more than seven weeks, just days after coming to a record. The token fell 8.5% to $55,689.98 as of 1:48 p.m. in Singapore on Sunday, after declining as much as 15.1% to $51,707.51 earlier.

Ether, the second-largest cryptocurrency, fell nearly 8%. Several online reports attributed the dive to the theory the U.S. Treasury may crackdown on money laundering that’s carried out through digital assets.

Bitcoin hit a record high of $64,869.78 last week ahead of the debut trade for the cryptocurrency trade Coinbase Global Inc. on the Nasdaq Wednesday. The first and greatest crypto coin, Bitcoin is esteemed at more than $1 trillion after a more than 800% surge within the past year.

Bitcoin may be a profoundly market-driven asset that's not supported by any product or central authority. As such, Bitcoin price movements tend to be unstable.

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