A “sad week” for cryptocurrencies. This is how CNN has been referring to cryptocurrency trading in the past few sessions, which culminated in a 13% drop in bitcoin.
Bitcoin, which accounts for more than 45% of the global cryptocurrency market, was trading this morning at around $ 33,000, which is already far from its historic high above $ 64,000 reached last month
Tesla CEO Elon Musk, whose tweets regularly affect the cryptocurrency market, yesterday confirmed his support for cryptocurrencies, which gave Bitcoin a boost – which rose to $ 38,000 – after a turbulent week, but it wasn’t enough for that. Keep the green coin.
On the 12th, Musk announced on Twitter this Tesla will stop accepting bitcoins Sell their cars. This is due to concerns surrounding the “rapidly increasing use of fossil fuels for mining and Bitcoin transactions”.
Other cryptocurrencies also lost ground this weekend. Ethereum is down 20% this morning, trading around $ 1900. Dogecoin is down 16% and binance coin down 26%.
Remember that cryptocurrency markets are open 24 hours a day. Seven days a week.
On Wednesday, May 19, the massive downturn in the cryptocurrency lost $ 1 billion in market value. The sale began after the Chinese authorities announced additional restrictions on cryptocurrency transactions in their territory.
US regulators are also citing new restrictions, with the Treasury Department saying that any new digital currency transfers of $ 10,000 or more must be reported to tax authorities.
This kind of volatility in the cryptocurrency sector is nothing new and interest in this market is still high. Despite the declines in the past few sessions, Bitcoin has gained over 250% in the past 12 months.