The fall of Bitcoin continues, bitcoin covers up to 45% of the global Crypto market. The fall of Bitcoin and all other major cryptocurrencies started when China banned their banks and payment firms from providing services related to a cryptocurrency transaction. Although it looked like cryptocurrencies were set to take over the market by storm China’s huge ban on Cryptocurrency may lead other countries to follow the same path. On Sunday the Bitcoin price declined up to 13% bringing up an end to a hectic week for the cryptocurrencies.
Earlier this year Elon Musk boosted and hyped cryptocurrencies by buying Bitcoin worth $1.5 billion and helped dodge coin rise to prominence too. Elon Musk further helped the value of bitcoin rose by making Tesla cars available to purchase through bitcoins. His regular tweets and action saw Cryptocurrencies become kryptonite.
Recently Elon Musk took a huge U-turn stating Tesla no longer accepts bitcoin because of the environmental concern which occurs through bitcoins, this severely hurt the cryptocurrency market which saw cryptocurrencies fall, Etherum has fallen more than 40%, and Dodge coin alongside binance lost over 30% of value.
In the current situation, most of the investors and people who have invested in the cryptocurrency market are stunned by the recent events. Cryptocurrency is meant to be the future a cashless world with only digital money the first step may have seen a huge fall but the Cryptocurrencies will rise again due to their elements and maybe all these events is way to make people sell cryptocurrencies and major firms and individuals buying them to assert their dominance in the Crypto market.