Crypto boom shaken as Bitcoin, other coins nosedive after record rally

Crypto boom shaken as Bitcoin, other coins nosedive after record rally

The rout began just hours after Bitcoin rose to within $7 of its record high of $19,511, the culmination of a more than 250% surge in past nine months

Bitcoin plunged on Thursday in a sell-off that saw other digital assets fall more than 20%, a slide likely to stoke speculation about the durability of the latest boom in cryptocurrencies.
The largest token fell as much as 14% in Thursday trading, heading for one of its worst days since the pandemic-spurred liquidation in March.

The rout began just hours after Bitcoin rose to within $7 of its record high of $19,511, the culmination of a more than 250% surge in past nine months. Fears over tighter crypto regulation and profit-taking after a frenetic rally were among the reasons cited for the sudden drop.

The sell-off gathered pace late Wednesday after Coinbase Inc. Chief Executive Officer Brian Armstrong tweeted about speculation the U.S. is considering new rules that would undermine anonymity in digital transactions.