New Delhi: Bitcoin on May 19 tumbles almost 30 percent to almost $30,000 taking out more than $500 billion in value. Another cryptocurrency Ethereum also tanked more than 40 percent.
The prices of other smaller cryptocurrencies including Dogecoin have also seen a steep decline, falling over 12 per cent on Wednesday. However the long-term prospects of cryptocurrencies like Dogecoin remain uncertain.
The fans of cryptocurrencies are very angry with Elon Musk as the stock prices of Tesla have also fallen, which de-thrones him as the second-richest man of the world. Tesla stock is trading at $577 compared to $615 a week ago.
What can be the issue behind this heavy drop? Here are some probable reasons for Bitcoin crash:
Elon Musk tweet on bitcoin is one of the major reason in the price drop, His comments about Bitcoin mining coal use are likely to have played a part.
US Regulations on Bitcoin
Regulatory uncertainty was brought to light earlier this month when US Treasury Secretary Janet Yellen and Securities and Exchange Commission Chair Gary Gensler shared their doubts about the cryptocurrency market, according to Cointelegraph.
If you are looking to invest in crypto, you can use these apps:
1, WazirX
Download the WazirX app and sign up for the account. Before you start investing in Dogecoin, you need to do eKYC and enable the 2 Factor authentication. You also need to add your bank details to add and withdraw money.
Once you have added your bank account and perform KYC, you can check the available list of coins for trading. Tap on the Buy button in front of Dogecoin and then enter the amount you want to invest in the Dogecoin. You can make payments directly through bank deposit, credit card, debit Carr or UPI.
2. CoinSwitch
CoinSwitch is another notable and safe cryptocurrency exchange in India that lets you purchase and trade Dogecoin in India. You need to install the app, signup using your phone number, and add your bank account. As the app deals with crypto trading, you also need to do KYC. Once you have added your bank account, you can purchase the Dogecoin using Indian currency.
