Bitcoin Drops As Low As $30,000, Market Cap Losses $1 Trillion
Bitcoin And Ethereum suffered massive drops on Tuesday night and Wednesday morning, with losses in the market capitalization up to $1 trillion. Bitcoin dropped to $30,066, facing largest one-day drop since March 2020. While Ethereum fell to $1,850. It was last down to 28% at $2,439.
Bitcoin had gained a lot after Tesla announced in February about its investments and the company had started accepting payments in terms of Bitcoin(BTC). But now Bitcoin has faced losses as Elon Musk—the owner of Tesla had said that Tesla has suspended vehicle purchases using Bitcoin as they are concerned about increasing use of fossil fuels for Bitcoin Mining. Many people are blaming Elon Musk for the massive drops in the prices of most popular Crypto currency.
Bitcoin has Now reached $38k and Ethereum is at almost $2.5k.(Prices may vary as they change every second). Both Bitcoin and Ethereum have grown a bit but still the effects of such a major bubble burst are easily noticeable.
This decline came after China banned all type of crypto exchanges and ordered all payment institutions not to provide any cryptocurrency services. China has not barred people for holding cryptocurrencies but still ban on crypto exchanges in China is alarming for the Crypto investors.