The way cryptocurrency bitcoin prices were seen increasing in the recent past, everyone was tempted by it. Increasingly people around the world were getting attracted to Bitcoin. But in the last few days, there has been a huge drop in cryptocurrency with one stroke.
In fact, in terms of market capitalization, the world’s largest cryptocurrency Bitcoin has fallen at the moment. On May 19, Bitcoin broke down to $ 38,570 during intraday, its lowest level since February 9.
Last month, the prices of bitcoin got wings. It touched an all-time high of $ 64,829 in April. Apart from bitcoin, Ethereum cryptocurrency has also suffered a major decline. Its price has been reduced by $ 3,000 and it has dropped about 17 percent in one day. Ethereum touched the $ 4,000 level only last week.
Earlier on May 16, Bitcoin was trading at $ 45,000, but a tweet by Tesla Inc. and SpaceX founder and CEO Elon Musk pushed Bitcoin prices to $ 42,547. Elon Musk had tweeted that his company Tesla will no longer take bitcoin from vehicle buyers. However, Elon Musk later clarified that his company has not sold a single bitcoin.
On Wednesday, China is believed to be an important decision behind the fall in bitcoin. The People’s Bank of China (PBOC) has banned the use of cryptocurrencies in any type of transaction. China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions.
