Bitcoin fell more than 9% on Sunday, just a few days after reaching a record value.
The cryptocurrency dropped 9% to $55,323 on Sunday and has dropped more than 15% from its high of $64,895.22 on April 14, according to data from CoinDesk.
Other cryptocurrencies were hurt as well. Ether, the second largest, dropped more than 10% to $2,145, according to CoinDesk. LiteCoin was off more than 17% to $263.
DogeCoin, initially designed to parody cryptocurrencies, was trading around 31 cents after surpassing 40 cents on Friday.
The decline comes amid reports that the US Treasury is planning to crack down on financial institutions using Bitcoin for money laundering.
Bitcoin’s price is highly volatile. After approaching $20,000 in December 2017, decentralized currency, experienced a crash that saw the value of one bitcoin plummet to just over $3,000 a year later.
Bitcoin hit its record value on Wednesday as Coinbase, one of the largest and most popular cryptocurrency exchanges in the world, went public, selling its shares for the first time on the Nasdaq exchange. The company’s stock price flew up past its $250 reference price to a high of $429 before closing at $328.28