SougarLord Posted May 20, 2021 Posted May 20, 2021 Elon Musk and China have caused bitcoin to collapse at a dizzying pace in less than a week, until at times it remains close to losing more than 40% of its value at that time. First, with the announcement last Thursday by the controversial South African businessman and CEO of Tesla, that the electric car company would stop accepting cryptocurrency as a form of payment. And since this morning, with the notice of the People's Bank of China that it will prohibit payments with digital currency. Two events that have also caused bitcoin to fall to $ 37,000 late in the afternoon (February levels). 20,000 less than last week and about 15% less than yesterday. Even by the minute he walked below $ 30,000, 30% less than its value on Tuesday. Which is equivalent to less than half its maximum registered price, when it reached 64,000 greenbacks on April 14. But not only is bitcoin sinking, it also drags the rest of cryptocurrencies. Thus, Ethereum lost more than 18% throughout the day on Wednesday, and Dogecoin - the meme currency promoted on social networks by Elon Musk - lost about 20% throughout the day. Among the experts, a diversity of forecasts, but all highlight the strong shock “from which it will take them a long time to recover, as the German cryptocurrency analyst Timo Emden told AFP. For his part, the CEO of Panxora, Gavin Smith, explained that “any asset that has risen as much as bitcoin over the past year can be expected to have setbacks as some investors withdraw profits, as we are currently seeing. While it is often a brilliant investment opportunity, traders should remember that bitcoin remains an emerging asset class and will continue to experience large price swings.
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