Cryptocurrency Bitcoin, which has been increasing its market capitalization enthusiastically for the past few months, experienced a huge landslide on Wednesday.
In a span of about ten days, Bitcoin fell by 30 percent, while other cryptocurrencies like Ethereum fell by 40 percent and Dogecoin fell by 45 percent.
According to CoinGecko ‘s statistics as of last Saturday night , in the last seven days, Bitcoin has dropped by 24 percent, Ethereum by 44 percent, and Dogecoin by 40 percent.
If we look at the statistics of Bitcoin alone, this cryptocurrency, which was worth 65 thousand US dollars in April, traded up to 34 thousand US dollars when it came on May 22.
If you look at it this way, the 90-day maximum and the current minimum have dropped by about half.
Investors from all over the world have been discouraged by the sudden sharp drop from Wednesday.
In this way, when the market falls, investors are expected to exit by selling a large amount of cryptocurrency. It is estimated that 1 thousand 100 billion US dollars were sold with the market decline.
The new policy adopted by China is considered to be a major reason for the market decline. China has said that no financial institution will recognize cryptocurrencies. It is prohibited to buy and sell any goods or provide services based on such currency.
The new policy adopted by China is considered to be a major reason for the market decline. China has said that no financial institution will recognize cryptocurrencies.
It is speculated that this has made the importance of cryptocurrency in the Chinese market negligible and has created a kind of panic and has been sold in large quantities.
Another major reason is the American company Tesla’s policy regarding Bitcoin.
First, Tesla announced that it will promote Bitcoin and that Tesla cars can be purchased with Bitcoin. Now the said policy has been changed and it is said that Bitcoin will not be used.
It has been reported that excessive coal is burned to produce electricity consumed in bitcoin mining and trading and it has increased the amount of harmful gases such as carbon dioxide in the environment and caused environmental pollution.
Since Tesla is leading in environmental protection, it has announced that the vehicles manufactured by the company cannot be purchased with bitcoins, and that it will not sell the bitcoins it has.
Since Tesla is leading in environmental protection, it has announced that the vehicles manufactured by the company cannot be purchased with bitcoins, and that it will not sell the bitcoins it has.
The chief executive officer (CEO) of the Tesla company, Elon Musk, announced on his Twitter that he would encourage the use of environmentally friendly and efficient crypto. The same event also played a major role in the downfall of crypto to some extent.
Some people have explained this incident in a general way. They say that such a decline after a very big boom is a normal business cycle.
Now some investors believe that it will reach the same level again soon. Some people have come to different media to estimate that it has been reduced by manipulation by big investors and there is a possibility of increasing it again by buying it at a cheap price.
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