Bitcoin plunged to $50K overnight. Here's why.

Cruising along north of $60K for the past few days, bitcoin (BTC-USD) last night tumbled to just above $52K in the space of a few minutes. Some exchanges printed lows of around $50K. The move dragged down about the whole crypto sector, including popular names like Ether (ETH-USD), Binance Coin (BNB-USD), and Filecoin (FIL-USD).Likely the number one reason for the plunge was a bit too much frothiness surrounding last week's Coinbase (COIN) IPO, which had helped send bitcoin to a new record high just shy of $65K. Alongside, Dogecoin (DOGE-USD) - for example - rose above $0.40 - it had been trading at a fraction of a penny not long ago. The Dogecoin frenzy apparently crashed Robinhood's crypto trading on Friday.As for specific news, a wholly unverified and unlikely to be true rumor shot around Twitter that the Treasury was looking into charging several financial institutions with using cryptocurrencies for