A “tough week” for cryptocurrencies. This is how CNN has viewed digital currency trading in the past few sessions, which has led to a 13% drop in Bitcoin.
Bitcoin, which accounts for over 45% of the global cryptocurrency market, traded around $ 33,000 this morning, far from its all-time high of over $ 64,000 reached a month ago.
Tesla CEO Elon Musk, whose tweets regularly influence the digital currency market, highlighted his support for the cryptocurrency yesterday, which gave bitcoin a boost – which rose to $ 38,000 – after a tumultuous week, but it wasn’t enough to keep the coin green.
Musk said he supports cryptocurrencies in the “battle” with fiat currency… But this did not calm the market for a long time, not least because the Tesla CEO revealed incomparable positions…
On the 12th, Musk announced on Twitter that Tesla will stop accepting bitcoins selling their cars. This stems from concerns over “the rapidly growing 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 fell 16% and binance coin fell 26%.
Remember that cryptocurrency markets are open 24 hours a day, seven days a week…
On Wednesday, May 19, the cryptocurrency’s severe downturn eclipsed the market value by a billion dollars. The sale began after the Chinese authorities announced additional restrictions on cryptocurrency transactions on their territory.
US regulators are also pointing to new restrictions, with the Treasury Department saying any new digital currency transfers of $ 10,000 or more must be reported to the tax authorities.
This volatility in the crypto sector is nothing new and interest in this market remains high. Despite a downturn in the past few sessions, Bitcoin has seen over 250% gains in the past 12 months.
