Coinbase hangover? Here’s why bitcoin may be suffering its steepest slide since February

Coinbase hangover? Here’s why bitcoin may be suffering its steepest slide since February

Bitcoin prices were sinking into correction territory Sunday morning, marking the sharpest slide for the digital asset since February, coming on the heels of what has been a remarkable stretch for the crypto industry.

At last check, bitcoin prices

BTCUSD, -14.69%

late-morning Sunday were at $55,773.11 down nearly 14% from a recent peak on CoinDesk $64,829.14. The decline from the crypto's apex meets the widely accepted definition of a correction in an asset.

However, slides of 10% or better bitcoin are fairly common because the nascent asset is viewed as inherently volatile. The last time crypto skid decisively lower comments from Treasury Secretary Janet Yellen at a New York Times DealBook conference were blamed for the slump.

This time around, market participants continue to be haunted by the specter of a crack down by the Treasury but are also listing a few other possible causes for bitcoin's correction.

Read: Crypto for the long term: what's the outlook?

Crypto euphoria

Some industry participants point to a rise in speculative assets like dogecoin as indications that the digital asset market is getting hyped and vulnerable to a retreat. Dogecoin prices had rocketed more than 7,252%