As if the pandemic wasn’t enough to create problems in people’s lives, there are other issues popping out as well. Yes, we are talking about the digital money transfer business. The investors who had invested their time and money in bitcoin are experiencing a hard time. The prices of cryptocurrency are unstoppably falling down and have become a cause of trouble for many. The prices have fallen as low as $30,016 which is certainly the lowest fall since January.
The aforementioned fall was registered this Wednesday alone. On that day, it fell 30% and became the lowest fall so far. Well, it is certainly troublesome for many investors as nobody was expecting this sudden drop. Even in the first month of the year, the prices hadn’t declined that much. It definitely broke the record of reaching the lowest price this year. Apart from this, bitcoin managed to become the world’s largest cryptocurrency which attracted investors as well as sellers.
Earlier this month, the prices got even doubled and caught a lot of attention of all the investors. But on this Sunday, it witnessed a 13% slump. The lowering didn’t stop here and it fell to $33,178. The statistics are from New York around 10:19 AM. While on Saturday, the digits seemed better as there was an 8% hike in the prices. As a result, the digits went around &38,000. However, it was still not as satisfying as the previous months’ prices, it kept some hope in investors.
What Does Elon Musk Say About The Situation?
The CEO of Tesla Motors Elon Musk even shared a tweet where he mentioned the hike in Bitcoin. On another side, Ether, a type of coin which is connected to the Ethereum blockchain network also saw a fall of 14%. It was also registered on Sunday where the coin lost around $322,35 compared to its earlier close. Now, the sudden fall in the prices of bitcoin has started to worry the investors a big time. Well, it’s no surprise as the worrisome is pretty obvious noticing the circumstances.
The source from where the investors started to get worried is another statement from Elon Musk. The CEO stated that the people who are planning to purchase electric vehicles from their company should avoid using bitcoin as a payment source. He added that they won’t accept the process seeing the current fall in the prices of the coin. This was indeed troubling as a major part of the purchasers do use bitcoin as their payment method.
Besides, China also mentioned that they are concerned about their financial means so as a part of which they are looking forward to crackdown on cryptocurrency. They are taking this action to prevent any financial loss due to the digital asset. In conclusion, bitcoin investors have faced a loss of around $830 billion in the past week only.
This has to be the highest decline of any cryptocurrencies to ever exist. Since the currency lost about half of its original values, some investors even ended up getting bankrupts. It would be interesting to see if prices go down even more or do any hike happens in the upcoming days.