It appears that the price of bitcoin, in particular, plunged dramatically over the weekend as talks of a ‘hard clampdown’ on money laundering sparked a sell-off craze amongst investors.
The weekend’s ‘crypto carnage’ seems to be connected to seemingly ‘unconfirmed reports’ that the US Treasury would issue a major crackdown on apparent ‘money laundering carried out through digital currencies’.
The peak in the price of Bitcoin came amid much enthusiasm for the hotly anticipated appearance of digital currency exchange Coinbase on Wall Street.
Despite the weekend’s crazy dive and resurfacing, Bitcoin is nevertheless still up an enormous 89 per cent in 2021!
This dramatic improvement on last years value comes as it continues to earn mainstream recognition as a real ‘store of value’ and a trusted method for payment, with PayPal and MasterCard jumping on board.
Many investors are predicting that Bitcoin will hit $100k earlier than previously expected, maybe by the middle of the year! It seems that the time to buy Bitcoin is running out.
XRP and Ethereum also fell over the weekend, with the price of the second-largest virtual currency dropping a whopping 18 per cent, before slightly recuperating.
Lastly, we couldn’t forget about Dogecoin! The coin which began as a huge joke by Elon Musk actually held steady amongst the other weekend losses in the crypto market. Maybe Mr Musk saved it!