Bitcoin’s decline slowed down with help from Elon Musk

Home » Bitcoin’s decline slowed down with help from Elon Musk

Bitcoin's value plunged on Wednesday after China signaled a new crackdown on cryptocurrency, but the losses were contained after Tesla chief Elon Musk spoke on Twitter.

The virtual currency fell to nearly $ 30,000 – less than half the record value reached last month – before rising back more than $ 39,500 around 2000 GMT. It is still above its level at the start of the year.

At its daily low on Wednesday, the unit lost nearly a third of its value compared to the start of the week and more than half compared to its record, which was reached just a month ago, on April 14, at $ 64,869.78.

Cryptocurrency trading has been banned in China since 2019 to prevent money laundering, as leaders try to stop people from moving cash overseas. The country is already home to about 90 percent of global trade in this sector.

Price fluctuations “seriously violate the security of people's assets and disrupt the normal economic and financial order,” said the statement posted to social media by the People's Bank of China.

It reiterates that providing customers with cryptocurrency services and crypto-based financial products is illegal for Chinese financial institutions and payment providers.

Linghao Bao, an analyst at Trivium China, said that despite the ban, Chinese investors can still find ways to buy cryptocurrencies through illegal vendors.

Bitcoin had a roller-coaster day on Wednesday, dropping from $ 45,600 to under $ 40,000, then bouncing back up before falling to $ 30,017 and up again.

  • ‘Here to stay' –

Bitcoin has had a few scorching days, partly because of Musk and Tesla.

Then Musk appeared to suggest Tesla was planning to sell off its large unit holdings, before clarifying that the company was not selling any bitcoins.

Mining cryptocurrency is a very energy intensive process that requires huge amounts of electricity in giant data centers.

“If bitcoin were a country, it would use the same amount of electricity in a year to mine as Switzerland does in total,” Deutsche Bank analysts said in a note.

“This has happened before and happens every year …,” said trader and former technology industry worker Zeng Jiajun. “Crypto is here to stay.”

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