(Bloomberg) -- Bitcoin fell as much as 15.1% on Sunday.

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

The token traded at $55,391.51 as of 1:25 p.m. in Singapore on Sunday, after declining to $51,707.51 earlier.

©2021 Bloomberg L.P.