Bitcoin prices tumble 50% from peak and Mark Cuban calls the crypto crash the ‘great unwind’
Bitcoin prices on Sunday midday were in free fall anew, with the world’s No.1 crypto spiraling down more than 50% from a peak in around the middle of April, amid another bout of turbulence in the digital-asset sector.
At last check, bitcoin prices BTCUSD,
Ether on the Ethereum blockchain ETHUSD,
The weekend carnage in crypto was drawing the attention of bulls and market participants, including billionaire Mark Cuban, who appeared to partly pin the slump on excess leverage and speculation on alternatives to bitcoin.
Popular meme asset, dogecoin DOGEUSD,
The slide for crypto extends a drop that has taken hold over the past several days, underlined by fears of irrational exuberance in parts of the digital-asset market and concerns about intensifying regulation on the nascent sector.
Read: Why is crypto crashing? Will bitcoin prices ever recover? Here’s what traders and investors say
China on Friday underscored its intent to crack down on digital assets and the U.S. Treasury Department said it planned to enforce anti-money-laundering rules and request that crypto transactions of $10,000 be reported to the government.
One popular measure of anxieties in the crypto market, the fear and greed index was at 14, indicating extreme fear, after touching a level of greed last month at 55.
Unease festering in digital assets may also bleed over in to stocks too, with equity benchmarks, including the Dow Jones Industrial Average DJIA,