Why are cryptocurrencies tumbling after a stellar run?

Bitcoin, the world’s largest cryptocurrency, has been falling through the weekend that is April 17 and 18, after witnessing a record run last week. On April 18, the digital currency tumbled by as much as 14% to US$51,541. But the currency pared some of its losses later and was trading 6.39% lower at US$56,510.04 on Monday morning.

During last week, the cryptocurrencies saw a record surge after Coinbase Global Inc became the first crypto exchange to get listed. Bitcoin in just 3 months had rallied ~ 125.77 percent from the low of USD 28,745.55 made on January 2021 to a new lifetime high of USD 64,899.97 tested on 14 April 2021.