Bitcoin crash intensifies, 30 percent to $ 30,000 tanks amid wide cryptocurrency transactions

More than $ 250 billion was raised in the bitcoin market last week. ! ! ! ! ! ! !


Bitcoin came in at about $ 30,000 on Wednesday morning, continuing with major sales that began last week.

Digital currency fell by more than 30 percent a day to $ 30,015.02, according to Coin Metrics. The cryptocurrency has not sold below $ 30,000 since the end of January.

Bitcoin fell more than 30 percent last week, according to the Coinbase currency exchange.

That means bitcoin has now erased all of its profits following Tesla's announcement to buy $ 1.5 billion in cryptocurrency. It is down about 44 percent since hitting a record high of $ 64,829 in mid-April.

A trade dispute has led to reports of power outages in Coinbase, which on Wednesday tweeted: "We know customers are experiencing some problems with login, checking their balances, and trading. Our teams are working to resolve this as soon as possible and funds in Coinbase accounts are secure. when we receive an update. "

The bad news last week has dampened bitcoin sentiment.

On May 12, Tesla chief executive Elon Musk said the electrician had stopped buying cars using bitcoin, citing environmental concerns over a so-called computational "mining" process. This is where high-powered computers are used to solve difficult math puzzles to make transactions using bitcoin.

Musk's comments led to the removal of more than $ 300 billion from the entire cryptocurrency market that day.

The announcement to suspend bitcoin payments came just three months after Tesla announced it had bought $ 1.5 billion, and would begin accepting bitcoin in exchange for its products.

Earlier this week, Musk suggested that the company may have sold its seizures but later clarified that it "did not sell any Bitcoin."

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On Tuesday, three Chinese banking and payment industry companies issued a statement warning financial institutions not to continue doing business related to money, including trading or exchanging cryptocurrency fiat money.

China's tough line on digital finance is not new. In 2017, authorities banned local cryptocurrency exchanges and banned the so-called first-hand cash flow (ICOs), a way for companies in this position to raise money by issuing new digital tokens.

Bitcoin has risen by more than 30 percent year-on-day and about 300 percent in the last 12 months.

Chinese traders once had a large share of the bitcoin market but after the attack, their influence declined sharply. The performance of Chinese cryptocurrency has moved abroad.

“The crypto markets are currently considering the issue of bear-witness issues in price development,” said Ulrik Lykke, executive director of the crypto hedge fund ARK36.

More than $ 250 billion was lost in the bitcoin market alone last week, Lykke said. While that number seems to be a “star,” such a move is rare in a volatile crypto market, he added.

"From Bitcoin's point of view, things may look bad right now, but historically this is just another obstacle to Bitcoin's victory compared to what we were brave about in the past," Lykke said.

Bitcoin has risen by more than 30 percent year-on-day and about 300 percent in the last 12 months.

Some cryptocurrencies also sank. Ether, the digital currency that empowers the Ethereum blockchain, was about 23 percent lower at $ 2,697. Dogecoin, a cryptocurrency that started out as a joke and mentioned by Musk, dropped by 27 percent to 37 percent.

More than $ 380 billion has now been cleared of total cryptocurrency market value in just 24 hours.