The biggest cryptocurrencies resumed their decline on Sunday, almost a week after bitcoin ended its unprecedented rally by failing to break above $20,000.
"The West is what's causing this sell-off," said Mati Greenspan, senior market analyst at Tel Aviv-based online broker eToro. The recent cryptocurrency rally was so steep that investors were prone to take money off the table going into the holiday season, he said.
A rebound fizzled Saturday afternoon and traders turned pessimistic again, driving bitcoin down 13 percent in the past 24 hours. The drop among the 10 largest digital coins, ranging up to 21 percent for iota, brings end-of-year weakness to a market that just had its worst four-day tumble since 2015.