Bitcoin tumbles from the highs as cryptocurrencies take a weekend hit


April 20, 2021: -The price of bitcoin tumbled over the weekend and decreased to 19.5% from record highs posted by the popular cryptocurrency last week. On Sunday, Bitcoin went down nearly $52,148.98 after reaching an all-time high of over $64,800 on Wednesday, according to CoinDesk. It was the last trading just above $55,795.

Other cryptocurrencies, which include ether and dogecoin, also took a hit over the weekend. The price of ether dropped around 18% and decreased up to $2,000 on Sunday before the recent trading at above $2,150. The ticket had also recently hit record highs, topping $2,500 on Thursday.

Meanwhile, dogecoin, which soared over 400% at one point in the previous week and hit an all-time high of 45 cents, came down to 24 cents this weekend. An unverified report on Twitter claimed that the U.S. Treasury Department could look to crack down on financial institutions by using cryptocurrency for money laundering.

The cryptocurrencies hit record highs this last week between the excitement surrounding the stock market debut of cryptocurrency trading platform Coinbase, becoming the most prominent cryptocurrency company go public on Wednesday. The blockbuster of the company’s direct listing valued Coinbase at around $100 billion, boosting the rest of the cryptocurrency industry.

Despite those record prices, some investors have been concerned that cryptocurrencies like bitcoin are experiencing a bubble. The recent spike by dogecoin, which started as a joke based on the 2013 “Doge” meme, in particular, has fueled concerns of a bubble in the cryptocurrency market.

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