New Delhi: As Bitcoin plunged over 30%, wiping out over $500 billion in value from the coin’s peak market value, users of India’s largest cryptocurrency exchanges, WazirX and CoinDCX, had to face a tough time on Wednesday.
According to reports, Bitcoin was down15% to $36,700 (Rs 26.8 lakh) at around 11am in New York. It has erased all the gains it clocked up following Tesla’s February 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles.
A statement from the People’s Bank of China on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff. Ethereum, the second-biggest coin, sank more than 40%, while joke token Dogecoin lost 45%.
In India, a combination of factors, including a scramble to exit and buy at dips resulted in the collapse of WazirX, sending its users into a tailspin. “Our team is working on bringing WazirX back up,” the exchange said. CoinDCX, which claims to have over one lakh active monthly users, also reported a downtime due to high user traffic, after users experienced issues related to services on their website and trading apps.
Here is how Twitterati reacted:
TO THE MOON ?#bitcoins pic.twitter.com/DIMOvnmC4U
— Sagen Kisku (@SagenKisku15) May 19, 2021
Me Buying on dip everyday.#Bitcoin #BitcoinCrash #bitcoins #bitcoindiamond #ElonMusk #dogecoin pic.twitter.com/0S6u1dxmkR
— kiran (@kir987) May 19, 2021
That friend is me?#bitcoins #BitcoinCrash #Crypto #cryptocurrency #coinbase pic.twitter.com/KlqKKWxLf6
— JC (@Jhara_na) May 19, 2021
#WazirX #bitcoins #BitcoinCrash #Binance #Ethereum #MATIC #PolygonMatic
I just watch to eat my TV and watch my popcorn pic.twitter.com/4DtXIcMuQF
— eshu (@omgwtflool420) May 19, 2021
While I am watching my money burned??♂️, holding even though#Bitcoins #Crypto pic.twitter.com/c9rctdoP2r
— م. سـلطـان سـعـدون الـعريـبـي (@sultan_1444) May 19, 2021
Hand Of God! ?#bitcoins #BTC #Crypto pic.twitter.com/ik0ei0OXlR
— Get Finsight (@getfinsight) May 19, 2021
