Cryptocurrency holders all across the world are in a panic as the world’s largest cryptocurrency (Bitcoin) tends to undervalue. On May 19, 2021, Bitcoin tanked nearly 40% from its all-time level to the US $31,000, which was last seen in February 2021. In May, Bitcoin was trading at the US $55,000. Not only Bitcoin but other cryptocurrencies like Ethereum and Dogecoin also have fallen by 40 percent and 45 percent respectively. Several experts blame China’s recent action against the crypto and Tesla CEO Elon Musk’s tweets. 

Shivam Thakral, CEO of BuyUcoin, says that both Elon Musk’s tweets and China’s action are the reason for the drop in Bitcoin price. He also added to his statement that “Any knee-jerk reaction to China’s action should be avoided. Dow Jones and major indices are down too.”

Read Also – Know All About Point of Sale System?

China’s Action and Elon Musk’s Tweet

Earlier, China has banned payment companies and banks, and other financial institutions from offering services concerned with cryptocurrency transactions. Also, it warned investors about high-risk crypto trading. 

If you are a crypto holder, then you might be following one Twitter account — Tesla CEO. However, Elon Musk made a tweet saying, “Tesla will no longer accept Bitcoins started the sell-off in the crypto market.” However, he made another tweet clarifying that he still strongly believes in crypto, but it does not seem to ingrain Bitcoin buyers/holders. Since then the Bitcoin price begins to fall.

Though, in the markets like crypto or any other volatile markets, dropping in the price of a share looks dramatic, as per the industry experts.

See also  Popular Payment Processing Trends in 2021, You must know about

What Avinash Shekhar, Co-CEO of ZebPay Says?

Avinash Shekhar, Co-CEO of ZebPay says that such corrections take place because short-term traders making profits. Long-term investors say it as lower prices a buying opportunity, just like the MicroStrategy did. He also said that technical analysts will see this as a test of the support level around $40,000.” 

In April 2020, the cryptocurrency market was at its peak of all time. The Bitcoin price towering 10 times from around $6,000 to nearly $60,000. The dip in the cryptocurrency market offers investors buying Bitcoin opportunity, says Thakral. 

China Banned Financial Institutions From Helping Cryptocurrency Businesses

As we have said above, China bans several payment companies and financial institutions from rendering services for cryptocurrency transactions. Not only this, but it has also warned investors about high-risk crypto trading.

This is China’s latest attempt to put a stop to expand the digital trading market. With the ban, financial institutions like online payments channels and banks are restricted to offer services like registration, trading, clearing, and settlement, etc to cryptocurrency holders. 

It has been said in a statement that cryptocurrency values have plummeted and soared, and speculative cryptocurrency trading has rebounded, disrupting the normal financial as well as economic order.

In addition to financial institutional services, China has also banned initial coin offerings and crypto exchanges. With this ban, the institutions may not be able to offer trust, saving, or pledging services which are concerned to cryptocurrency, nor issue financial product, as per the statement.

However, this is not the first move made by China against cryptocurrency. Earlier in the year 2017, it put a stop to its cryptocurrency exchanges, dyspnoeal a high-risk market that was holding nearly 90% of the world’s bitcoin trading.

See also  How to understand and check your credit score for free?

After this, in June 2019, the Chinese bank named “People’s Bank of China” released a statement stating it would out shut down the accessibility to all national as well as foreign cryptocurrency exchanges and Initial Coin Offering websites. They said that the decision was made in order to clamp down on every sort of cryptocurrency trading and put a ban on foreign exchanges.

Dogeco Coins – Dogeco is a new online money transfer service created in the shape of a cross between PayPal and Bitwage. Dogeco is meant to be used in place of the conventional PayPal. Unlike other Internet payment methods, users will have their account balance automatically converted to the doge coins equivalent on each transaction. However, dogecoins are not backed or endorsed by any financial institution and are not issued in the same way that any conventional currency is issued.

33 Replies to “Get all know about Cryptocurrency market crashes

  • FLATTRADE
    FLATTRADE

    Flattrade.in is India’s first zero brokerage platform, Enjoy unlimited orders in Equity delivery, Intraday, Futures and Options, Commodities, and Currency with no brokerage. Up to 5x leverage on Intraday Trading and 2.5X leverage through Margin Trading Funding. No AMC, No Demat account charges. No charge on Algo trading – Free API. http://flattrade.in/

  • graliontorile
    graliontorile

    Wow, incredible blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your website is fantastic, let alone the content!

  • bluff man
    bluff man

    OKBET is one of the most trusted online betting site in the Philippines!!! Want to know more about site? visit here —>> okbet casino

  • gralion torile
    gralion torile

    Good day! Do you use Twitter? I’d like to follow you if that would be okay. I’m definitely enjoying your blog and look forward to new updates.

  • Xzmode
    Xzmode

    tadalafil 10mg cost buy cialis 5mg generic can you buy ed pills online

  • Mqojio
    Mqojio

    how to buy duricef buy cheap combivir buy finasteride no prescription

  • Zvpokf
    Zvpokf

    estradiol order buy minipress 2mg without prescription prazosin 1mg sale

  • Ypecrn
    Ypecrn

    fluconazole 200mg usa ampicillin 250mg price buy ciprofloxacin 1000mg generic

  • Wbjpxz
    Wbjpxz

    order mebendazole 100mg generic order mebendazole online order tadalafil 10mg online cheap

  • Sknyxp
    Sknyxp

    order flagyl 400mg pill order bactrim online cheap order cephalexin 125mg online cheap

  • Etvjoy
    Etvjoy

    avanafil 200mg ca buy avana online diclofenac 50mg price

  • Jdehwp
    Jdehwp

    order cleocin 300mg generic buy ed pills online mens erection pills

  • Dtxhav
    Dtxhav

    order indomethacin for sale where can i buy indocin order cefixime 200mg pill

  • Ivcrkx
    Ivcrkx

    order tamoxifen 20mg online rhinocort online buy buy ceftin no prescription

  • Dcvfwd
    Dcvfwd

    amoxicillin 250mg pill anastrozole 1mg uk biaxin 250mg canada

  • Nualiz
    Nualiz

    buy clonidine without a prescription antivert 25 mg oral spiriva 9mcg oral

  • Shciqa
    Shciqa

    buy careprost paypal buy bimatoprost without a prescription order desyrel 100mg sale

  • Mhgbpz
    Mhgbpz

    where to buy minocin without a prescription how to buy pioglitazone order generic actos 15mg

  • Cjprtj
    Cjprtj

    arava pills order leflunomide 10mg without prescription azulfidine online buy

  • Wpakyg
    Wpakyg

    buy generic accutane 10mg order azithromycin 500mg without prescription buy azithromycin 250mg

  • Lyovyl
    Lyovyl

    cialis professional order tadalafil 5mg without prescription rx pharmacy online cialis

  • Lupidz
    Lupidz

    buy azipro without prescription buy gabapentin no prescription neurontin 800mg sale

  • Nzpvpt
    Nzpvpt

    ivermectin 0.2mg new ed pills prednisone 40mg pills

  • Zzcrtl
    Zzcrtl

    order lasix 40mg pill purchase vibra-tabs sale get antihistamine pills online

  • Krwduo
    Krwduo

    levitra 10mg drug vardenafil 10mg cost cost hydroxychloroquine 200mg

  • Jizytm
    Jizytm

    vardenafil 10mg without prescription buy vardenafil 20mg pill hydroxychloroquine 200mg us

  • Ojahnz
    Ojahnz

    benicar 20mg pills order calan 240mg generic buy divalproex 250mg sale

  • Haqanj
    Haqanj

    purchase temovate generic clobetasol cheap cordarone 200mg over the counter

  • Pagemf
    Pagemf

    order coreg 6.25mg pills cost cenforce order chloroquine 250mg for sale

  • Dbnxyp
    Dbnxyp

    order acetazolamide 250mg without prescription order acetazolamide 250mg without prescription order azathioprine 50mg for sale

  • Sitwub
    Sitwub

    cost digoxin telmisartan 80mg canada molnunat 200mg us

  • Imqczt
    Imqczt

    singulair 10mg canada singulair pill purchase dapsone

  • graliontorile
    graliontorile

    very good publish, i definitely love this website, keep on it

Leave a Reply

Your email address will not be published. Required fields are marked *