BITCOIN TUMBLES NEARLY 12% AFTER DAYS OF BOOMING PRICES

Sun 18 April 2021:

Bitcoin nosedived by almost 12% in the past 24 hours to trade at around $54,916 early on Sunday, the lowest intraday level in months.

The drop coincided with reports that the US Treasury was about to crack down on financial institutions for laundering money through digital coin trading.

The cryptocurrency’s downtrend followed a week of rallying prices. It traded as high as $64,850 last week, ahead of the Nasdaq debut by the crypto exchange Coinbase.

“Price and hash rate [have] always been correlated,” cryptocurrency researcher and former Forbes contributor Willy Woo said in a series of early Sunday tweets, referencing a similar flash crash in November 2017 and noting that once the hash rate started to normalize in both instances, the price of bitcoin also started to recover.