Bitcoin nosedived to three-week lows early Sunday, puncturing the frenzied speculative bubble built into several alternative cryptocurrencies (altcoins) in the wake of Coinbase's recent debut on Nasdaq.
- In addition, CNBC last night tweeted as new a month-old report on India preparing to possibly ban cryptocurrencies in the country. That month-old report was based on a Reuters story citing an unnamed government official.
- Several news services treated the CNBC report as new, possibly contributing to the sell-off as fears the partial crypto ban in Turkey announced late last week may be spreading. A message to CNBC has yet to receive a response.
- Payments-focused XRP and meme cryptocurrency dogecoin recently saw huge retail-led price rallies as Coinbase’s hotly anticipated listing on Nasdaq on April 14 created general euphoria around the sector.
- Bitcoin rallied above $60,000 in the days leading up to Coinbase's listing and clocked a record high of $64,801 on April 14.
UPDATE (April 18, 12:43 UTC): Updates prices and adds that a month-old report regarding India may also be spooking the market.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.