The cryptocurrency market fell sharply after the hype around Coinbase

Last week, in the wake of the hype around the placement of the Coinbase crypto exchange on the stock market, the cryptocurrency market showed strong growth. However, it fell sharply over the weekend. Bitcoin prices plummeted from $61.5 thousand by 14%, to about $53,000.

The decline was also felt by the rates of other popular cryptocurrencies. Ethereum in 24 hours fell by about 17% – from $2417 to $2011. On Sunday, these virtual coins barely recouped their losses: now Bitcoin is trading around $57,000, Ethereum – $2,250.

Oddly enough, out of the 10 most popular cryptocurrencies, the only coin that even grew over the past week was the Dogecoin meme-based coin. In April, the value of the cryptocurrency, which started as a joke, rose from $0.059 at the beginning of the month to $0.33 at the moment.

Meanwhile, in Turkey, the country’s main bank has banned the use of digital assets for purchases, citing the risks of such transactions. And in the Chinese region of Xinjiang, where significant bitcoin mining capacity is concentrated, there were state-sanctioned power outages. Because of this, the hash rate of Bitcoin mining has decreased by 50%. At the same time, rumors are spreading on Twitter that the US Treasury is planning tough measures against money laundering schemes using digital assets.

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