The value of Bitcoin crashed on Thursday in a sell off that also witnessed other digital assets crash, bringing to light the speculation on sustainability of such a boom otherwise seen lately. Concerns relating to stronger crypto regulation and profit taking are the reasons pointed out for the huge drag

One day earlier on Thursday, Bitcoin crashed heavily by as much as 14pc, its largest downside since the coronavirus led fall in March. The scene was seen just when the largest digital currency was just USD 7 away from its all time high price of USD 19511.

The sell-off was triggered after Coin base said in a tweet that the US is considering a speculation on new rules that would undermine anonymity in digital transactions.

Trump administration may clamp down on crypto might have been a trigger for the drop," said Antoni Trenchev, managing partner of Nexo in London, which bills itself as the world's biggest digital-coin lender. "But any asset that rallies 75% in 2 months and 260% from the March lows is allowed to undergo a correction." Another say, "Conditions are very massively overbought and bound for a correction," said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore.

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