Bitcoin has recorded one of its biggest drops since February with the new rate of the world’s biggest cryptocurrency now at $51,541.
This has brought the Bitcoin down more than $12,000 from its high of $64,895 on Wednesday.
There are many reasons being reported behind the decline in Bitcoin’s value, which already saw a minor hit on Friday after Turkey’s Central Bank banned the use of cryptocurrency and other digital assests for purchases.
However, Bloomberg reports that the fall in the value of Bitcoin may be attributed to speculation that the US Treasury may be taking action against money laundering that is being carried out using digital assests.
Separtely, the data website CoinMarketCap cited a blackout in Xinjiang region of China, where a lot of Bitcoin mining is carried out, for the major selloff.
Meanwhile, other cryptocurrencies also saw a drop in value over the weekend, including Ethereum, which is considered the second-biggest digital currency, fell more than 10 percent.
Dogecoin, which was created as a spoof after the famous doge meme also fell from its record high after trading at $0.44 to $0.31.