Bitcoin fell more than 9% on Sunday, just days after hitting a record high.
The cryptocurrency fell to $ 55,323 on Sunday and fell more than 15% from its high of $ 64,895.22 on April 14, according to data from CoinDesk.
Other cryptocurrencies have also been affected. Ether, the second largest, fell more than 10% to $ 2,145, according to CoinDesk. LiteCoin was reduced by over 17% to $ 263.
DogeCoin, originally designed to parody cryptocurrencies, was trading around 31 cents after going above 40 cents on Friday.
The decline comes amid reports that the US Treasury Department is considering cracking down on financial institutions using Bitcoin for money laundering.
The price of Bitcoin is very volatile. After approaching $ 20,000 in December 2017, the decentralized currency crashed which saw the value of one bitcoin drop to just over $ 3,000 a year later.
The currency hit its all-time high on Wednesday when Coinbase, one of the world’s largest and most popular cryptocurrency exchanges, went public, selling its shares for the first time on the Nasdaq. The company’s stock price rose above its benchmark price of $ 250 to a high of $ 429 before closing at $ 328.28.