‘It was inevitable’: Bitcoin tumbles as Coinbase hangover rattles crypto assets

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The mania that drove crypto assets to records as Coinbase Global went public last week turned on itself on the weekend, sending bitcoin tumbling the most since February.The world’s biggest cryptocurrency plunged as much as 15 per cent just days after reaching a record. It was lower by 9 per cent to $US55,323 in early morning trade on Sunday in New York. Ether, the second-biggest, dropped as much as 18 per cent to below $US2000 before paring losses. Binance Coin, XRP and Cardano each lost more than 12 per cent. Dogecoin, the token started as a joke, was the only gainer among the 10 largest coins.The weekend carnage came after a heady week for the industry that saw the value of of all coins surge past $US2.25 trillion amid a frenzy of demand for all things crypto in the runup to Coinbase’s direct listing on Wednesday. The largest US crypto…

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