Bitcoin nosedived to three-week lows early today , puncturing the frenzied speculative bubble built into several alternative cryptocurrencies (altcoins) in the wake of Coinbase’s recent debut on Nasdaq.
- The biggest cryptocurrency by market value dropped from roughly $60,000 to $52,148 [in 15 minutes]
during the Asian session, liquidating almost $4 billion worth of positions in the derivatives market,
- While the exact reason for the sudden crash is unknown, the market mood may have soured [due to rumors] that the U.S. Treasury is planning to charge several financial institutions for money laundering using cryptocurrencies.
Note: CoinDesk has been unable to independently verify any pending government action.
How will this affect Coinbase shares ?
Does this present a buying opportunity?
Any thoughts on this as am hoping to get in if there is a price drop.