Bitcoin recovers to $38,000 after plunging 30% in 24 hours
Bitcoin started seeing a major decline after Tesla CEO Elon Musk said his company will no longer accept Bitcoin as a digital payment due to damage it causes to environment. China has also proscribed financial institutions and payment firms from providing services related to cryptocurrency
BusinessToday.In | May 20, 2021 | Updated 09:15 IST
Bitcoin has fallen almost 50 per cent from April 12
The world s largest cryptocurrency Bitcoin has declined 6.62 per cent to $38,018.85 in the past 24 hours. The world s biggest cryptocurrency saw around a 26.7 per cent drop on Wednesday. It went from $43,602 5.15 pm ET to as low as $31,926 around 9.15 am ET, digital currency exchange CoinDesk data shows.
Bitcoin Plunge, Crypto-Crash And The Elon Musk Influence: A Brief Timeline Of Events
2 hours, 4 minutes
The cryptocurrency market has gone into a meltdown and it may have been started by yet another Elon Musk tweet, but there s more to the crash story and China, presumably, has a role to play in it.
The price of the most well-known digital currency aka Bitcoin fell nearly 30% at a certain point before the drop narrowed down to 10%. But the damage was done. Bitcoin had still lost close to a whopping $70 billion in market value in a span of 24 hours. To put things into perspective Coindesk states that Bitcoin has lost more than 38% over the course of the week.
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