Dogecoin, Bitcoin, Ethereum Prices: Crypto caused havoc-Those investing in cryptocurrency suffered a major setback on Wednesday. The world’s largest and popular cryptocurrency, Bitcoin, along with Ethereum, Binance Coin and Dodgequin, also razed, causing investors to lose more than $ 500 billion. According to Reuters, the market capitalization of the cryptocurrency market at one point of time was close to 10 news dollars. However, the market is now a bit cautious.
Such a drop
On Wednesday, Bitcoin fell nearly 30 percent to $ 30,681, the lowest level since January this year. Compared to Bitcoin’s peak level of $ 64,800, it is down about 55 percent. Ethereum dropped nearly 36 percent from its peak of $ 4,362 to $ 2,850. Dodgequin dropped to $ 0.34. It is 55 per cent lower at its highest level. Binance coin also declined by about 30 per cent. Today, however, bitcoin is more stable. It is trading close to 37,200.
So the decline
A Chinese Threatened Fall – Actually, China has caused bitcoin to boil. The notice issued on the official WeChat account of the People’s Bank of China, a Chinese government bank, states that ‘virtual currencies should not be used in the market as they are not real currencies’. It is known that China has banned virtual currency since 2017. It was only after this news on Tuesday night that Bitcoin declined.
The decline of Elon Musk also – In addition, Tesla’s Chief Executive Officer (CEO) Elon Musk’s stance has also led to a decline in Bitcoin. Within three months Elon Musk changed his decision, stating that the Tesla company would no longer take payments in Bitcoin. He refused to take bitcoin due to climate concerns. Musk said that the idea of cryptocurrency is very brilliant and its future is also very bright, but it is having a very bad effect on our environment. He said that Tesla will no longer sell cars in Bitcoin.
Some relief from Musk’s tweet
The reason for the slight improvement in the price of bitcoin is Elon Musk. He tweeted a Diamond Hands emoji on Wednesday evening amid a huge drop in cryptocurrency. This means that you value a holding. Easy to understand, Tesla will not sell its holdings in Bitcoin. Hence there has been little improvement in cryptocurrency.
