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Crypto in free fall: Bitcoin tanks 30% to $31,000, Ethereum loses 40%, Dogecoin down 45%

Crypto in free fall: Bitcoin tanks 30% to $31,000, Ethereum loses 40%, Dogecoin down 45%
While Bitcoin is down 30 per cent, Ethereum, the second-largest cryptocurrency in the world, is down 40 per cent. Dogecoin, the meme crypto popularised by Elon Musk, has lost 45 per cent
BusinessToday.In | May 19, 2021 | Updated 19:33 IST
Cryptocurrencies have landed in troubled waters. All popular digital currencies are witnessing steep drops with key technical levels in red.
Bitcoin, the most popular crytpocurrency in the world lost 30 per cent to $31,000, as its most popular proponent, Tesla CEO Elon Musk, backtracked. The rout wiped $500 billion from Bitcoin's peak market value. The coin is now down more than 50 per cent from its record level of $65,000 posted in April. It has lost all the momentum it gained after Tesla announced in February its investment in the digital coin and agreed to accept payments for its cars and services in Bitcoin. As of now, while the EV maker has retained its Bitcoin holdings, it has stopped accepting Bitcoin payments, citing extensive use of fossil fuels in mining the currency.

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