The token fell 8.5% to US$55,689.98 as of 1.48 pm in Singapore on Sunday, after declining as much as 15.1% to US$51,707.51 earlier. Ether, the second-largest cryptocurrency, fell almost 8%.

Several online reports attributed the plunge to speculation the US Treasury may crack down on money laundering that’s carried out through digital assets.

Bitcoin hit a record high of US$64,869.78 last week ahead of the debut trade for the cryptocurrency exchange Coinbase Global Inc on the Nasdaq Wednesday.

The original and biggest crypto coin, Bitcoin is valued at more than US$1 trillion after a more than 800% surge in the past year.