Bitcoin Takes Dive Back To Beginning-Of-Year Prices - Here's Why It Happened...

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bitcoin crash chart

The price correction of bitcoin (BTC) has the cryptocurrency touching $ 30,000 - last time it was this price was January of this year 2021. For a moment, the cryptocurrency misplaced approximately 30% of its marketplace cost inside 24 hours.

During the morning of this Wednesday, May 19, BTC fell to that level, even though it bounced again to $36,000 shortly after. According to statistics from CoinMarketCap , it is visible that at its lowest this day, bitcoin fell to $ 30,066.

As mentioned, the lowest since the beginning of the year, and it's been an intense bull marker since, with bitcoin had doubling to a brand new all-time high above $ 64,000 in mid-April.

BTC's buying and selling began the day at $42,900, leaving it with peak losses of of nearly $ 13,000 at some point of the crash.

This puts this disappointing week's total depreciation at 40%.

Some Blame Elon...

The drop did occur after Tesla billionaire founder Elon Musk tweeted criticism of Bitcoins alleged environmental effect via its mining.

But I'm skeptical if enough people really make financial decisions solely based on Elon's thoughts. 

But Others Say It Was China...

Others believe that the Chinese governments choosing to prohibit cryptocurrency operations within financial instructions being considered a valid form of payment.

Sounds scary until you research how many times China has 'banned' bitcoin - and you'll really be amazed when you see the countries trading volume.

Analysts Believe This Will Turn Around - Soon...

The predictions of numerous analysts are extremely promising , using statistics inclusive of the conserving of value within Bitcoin, and currently, signs point to investors who sold seem to be re-buying at lower prices and ready to take the ride again!

Author: Fernando Perez
Latin America Newsdesk

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