Bitcoin witnesses largest drop ever in May 2021
Bitcoin’s price swings continued over the weekend. After peaking in mid-April near $65,000, bitcoin prices have fallen some 50%, including roughly 40%.
New Delhi: Bitcoin has tumbled terribly during this month as the coin touched the $25,000 mark. It all started when Tesla chief and Dogecoin’s fan Elon musk tweeted against the coin.
Bitcoin’s price swings continued over the weekend. After peaking in mid-April near $65,000, bitcoin prices have fallen some 50%, including roughly 40%.
Just like Bitcoin all other cryptocurrencies also fell 20-30 percent on Sunday as the effect of last week’s bloodbath and China’s strictness continues.
Major cryptocurrencies like Ethereum, XRP and Cardano also saw a decline of 7.09 per cent, 13.49 per cent and 7.88 per cent in the past 24 hours, respectively.
Even the crypto coin backed by Elon Musk himself, Dogecoin saw a decline of 11.83 per cent in the past day. The data also suggests that both Bitcoin and Ethereum have lost half of their values after reaching all-time highs in early April.
Chinese financial industry groups, last week announced a ban on institutions from offering cryptocurrency registration, trading, clearing, and settlement. The move worked as an oil to the fire started by Tesla CEO Elon Musk, when he reveres his decision on Tesla accepting bitcoin as payment.
According to Reuters, Beijing has taken steps before to block the domestic access to cryptocurrency exchanges, but its latest directive was broader. The new rules ban cryptocurrencies’ use in payment and settlement. It also prohibits institutions from providing crypto-related products or exchange services between cryptocurrencies and the yuan or any other foreign currency.