How can Bitcoin even be considered a currency with this crazy volatility?!

Bitcoin drops to $30,000 as cryptocurrency market crashes

© Reuters/Dado Ruvic

RT.com

Bitcoin lost nearly a third of its value on Wednesday, dropping to its lowest level this year, as news of further restrictions on cryptocurrency transactions in China sparked another major selloff.

The world’s number one digital asset was trading around $30,000 as of 1:13pm GMT, over 30% lower compared to the previous day.

The plunge reportedly comes after Chinese authorities banned financial institutions and payment firms from providing services connected to cryptocurrency transactions.

The restrictive measures, coupled with a warning to investors against speculative crypto trading, reportedly exacerbated the selling triggered by Elon Musk’s reversal on Tesla accepting bitcoin as payment. The announcement followed several tweets raising uncertainty over whether the electric automaker had sold its $1.5 billion holdings in the cryptocurrency.

Other cryptocurrencies also saw a massive drop in value with ether dropping nearly 34% to below $2,300. Dogecoin, a meme-based cryptocurrency that has been pushed by Musk’s tweets, declined nearly 50% to around $0.24, according to data tracked by Coindesk.

___
https://www.rt.com/business/524192-bitcoin-fall-china-restriction-musk/

This entry was posted in Uncategorized. Bookmark the permalink.