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.
The $40,000 mark is a “critical make-or-break pivot level” for Bitcoin and a decline to just below $30,000 isn’t out of the question, said Jeffrey Halley, senior market analyst at Oanda
While the market was crashing cryptocurrency mobile application WazirX faced some technical issues. Users were unable to buy or sell the coins. But WazirX is not the only exchange that is facing same kinds of trouble.
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Global exchanges such as Binance, which owns a stake in WazirX, and Coinbase reported issues in withdrawals.
