The token dropped 8.5 percent to $55,689.98 at 1:48 p.m. in Singapore on Sunday, following a 15.1 percent drop to $51,707.51 earlier in the day. Ether, the second-largest cryptocurrency, lost nearly 8% of its value.
Numerous online reports attributed the decline to speculation that the US Treasury would crack down on money laundering through digital assets.
Bitcoin reached a record high of $64,869.78 last week, ahead of Coinbase Global Inc.’s Nasdaq debut on Wednesday. Bitcoin, the original and largest cryptocurrency, is now worth more than $1 trillion after an increase of more than 800 percent over the last year.