Cryptocurrency Market Bleeds, Bitcoin Crashes 30%

Cryptocurrency Bitcoin on May 19 declined almost 30 percent to $31,000, wiping out more than $500 billion in value from the coin’s peak market value. Where as the Ethereum tanked more than 40 percent. The world’s biggest and best-known cryptocurrency — Bitcoin — fell about 9 percent to as low as $38,940.04 and slipped below a key 200-day moving average.

The other coin linked to the Ethereum blockchain network Ether dropped about 15 percent to $2,875.36, reported news agency Reuters.

Cryptocurrencies such as bitcoin, Ethereum, dogecoin etc  crashed up to 40% as China banned its financial and payment institutions from dealing in digital Crypto. Cryptocurrency Bitcoin on May 19 declined almost 30 percent to $31,000, wiping out more than $500 billion in value from the coin’s peak market value. Bitcoin — fell about 9 percent to as low as $38,940.04. Ethereum blockchain network Ether dropped about 15 percent to $2,875.36.

Also Read – China Plans to block offshore Cryptocurrency,Bitcoins

Almost all the global crypto exchanges such as Binance and Coinbase crashed amid a trading volume surge. Where as the Indian Crypto platform WazirX also crashed due to high selling volume.

“The heavy price dip in the market has encouraged more people to buy into the dip thereby causing a tremendous surge in our traffic. We’re seeing approximately 400% more traffic than what we witnessed in the previous month. Our team is working on bringing WazirX back up,” said Nischal Shetty, CEO, WazirX.

The decline in the two most traded cryptocurrencies was sparked last week by Elon Musk’s, who announced the reversal on Tesla taking bitcoin as payment, followed by other tweets that caused confusion over whether the carmaker had shed its holdings of the currency. Additionally, the RBI negation on acceptance of Crypto by the Indian banks also added the trouble for the Digital coins.

We will be happy to hear your thoughts

Leave a reply

Digital Banking FAQs & Helpdesk