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Losses estimated at $ 288 billion in the digital currency market

The cryptocurrency market lost about $ 288 billion, affected by reports that the US Treasury will impose fees on many financial institutions for money laundering in cryptocurrencies.

And led “Bitcoin” cryptocurrencies to a sharp decline in trading on Sunday, and the value of “Bitcoin” plunged more than other cryptocurrencies, just days after reaching a record high, as it decreased by 8.5% to 55.7 thousand dollars during today’s trading, Sunday.

And this after the largest digital currency plunged 15.1% to 51.7 thousand dollars earlier, which is the biggest daily decline for “Bitcoin” since last February.
Ethereum, the second-largest cryptocurrency, fell in value by 18% before paring losses later in the day.

Several online reports attributed the decline to speculation that the US Treasury may crack down on money laundering that takes place through digital assets.
Bitcoin hit a record high of $ 64.8 thousand last week, before the start of the first trading of the cryptocurrency exchange “Coinbase” on the Nasdaq Stock Exchange last Wednesday.

The market value of Bitcoin, the largest cryptocurrency, is estimated at more than $ 1 trillion, after rising by more than 800% last year.

The growing popularity of cryptocurrencies has led to record-high prices for bitcoin, and the prices of other cryptocurrencies have also increased to record levels.

Interest in cryptocurrencies increased again after companies from PayPal to Square began to enable Bitcoin trading on their payment systems, and companies on Wall Street such as Morgan Stanley began providing solutions and technologies for their large customers’ access to the digital currency market.

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