Crypto stocks tumbled in premarket trading.Big Digital fell 8.9%,The9 fell 7.7%,Riot Blockchain fell 7.6%,Marathon Digital fell 6.7%,Canaan fell 6%,Coinbase fell 3.8% and SOS fell 5%.
Bitcoin prices were sinking into correction territory Sunday, marking the sharpest slide for the digital asset since February, coming on the heels of what has been a remarkable stretch for the crypto industry.
Bitcoin prices fell at one point Sunday afternoon to $51,907, down around 20% from a recent peak of $64,829.14, according to Coindesk. The decline from the crypto’s apex meets the widely accepted definition of a correction in an asset. By Sunday evening, a single bitcoin was going for $56,620.
An unverified report on Twitter claimed that the U.S. Treasury Department could be looking to crack down on financial institutions for money laundering using cryptocurrency.
A tweet from the account @Fxhedgers that referred to the possibility of a crackdown, citing unnamed sources, went viral on Saturday evening.
