The value of the crypto market has fallen 23% in five days, after the coins saw a dramatic rise from $130 billion to $180 billion in a matter of weeks. A number of factors have contributed to the decline, including the recent hacking of the Coinrail cryptocurrency exchange, the SEC’s rejection of a bitcoin ETF, and a DDoS attack on the Bithumb cryptocurrency exchange. In terms of individual coins, the news was worse for some than others. Bitcoin fell about 12%, Ethereum fell about 20%, and Ripple fell about 30%.
The crypto market is down again, after an initial rally that saw the value of crypto tokens rise above $800 billion. The market is now worth $583 billion, down 23% from its peak last week. (#1)
The crypto market continued to suffer from the widespread sell-off, with most major cryptocurrencies seeing a drop of more than 20% in the past five days, according to data from Coinmarketcap. This decline comes as a series of negative news has hit the market.
Summary of the situation – Bitcoin is down 35% in less than a month. – Musk’s opinion has crashed the most popular cryptocurrencies. The market capitalization of cryptocurrencies has dropped by 23% in the past five days due to various speculations in the market. Elon Musk’s comments about bitcoin and what the company will do about it also had an impact on the decline. While bitcoin is falling, other cryptocurrencies are maintaining a downward trend. Last Monday, the market value of cryptocurrencies reached $1.97 trillion, the lowest level ever. More recently, the market capitalization of cryptocurrencies stood at $2.56 trillion in early May. According to CoinMarketCap, this drop in value was over 30%, which has never been seen before in such a short period of time.
The cryptocurrency market is going through a difficult phase
Cryptocurrencies are going through a rough patch, according to Edward Moya, market analyst at Panda. This was due to Musk’s stance on bitcoin, which caused payments for cars using the cryptocurrency to be suspended. Musk says bitcoin is a dangerous currency for the ecosystem, which is why he is taking steps to avoid using it. Bitcoin remains below $43 billion, reaching its lowest level since the crash in February. But over the weekend, Ether fell 8%, resulting in significant losses for its traders. The cryptocurrency ADA lost 10% of its value, while Dogecoin fell 7%. The entire cryptocurrency market is going through a crisis after bitcoin’s crash, which will determine how much it is worth. However, the Solana cryptocurrency has gained value in such an unfavorable market environment. Solana rose 0.2% on weak speculation.
Causes of the crypto currency market downturn
Bitcoin lost value after Mr Musk hinted on Twitter that he might sell his stake in bitcoins. The cryptocurrency’s collapse was almost automatic, but then recovered when Musk clarified that he still owned his shares in bitcoin. This rise and fall in capitalization came days after Musk announced that Tesla would not accept cryptocurrencies as payment. But Musk has hinted that Dogecoin could be the only payment method for purchasing Tesla cars. The crypto currency market stabilized after the announcement, although bitcoin lost money after Musk’s comments. The fight against bitcoin arose after Musk pointed out the significant environmental damage that mining causes. Justin Chuk, CEO of Wave Financial, points out that bitcoin is down 35% for the entire month, which is depressing for traders. The speculation that Musk has unleashed on the crypto currency market is huge, which is a bit concerning. Although bitcoin is not green, it is still the most valuable cryptocurrency and its decline is bad luck for the market. Although the cryptocurrency market is in a dip, it will likely recover from this bad phase in its capitalization. Bitcoin could be updated in the coming months to become more environmentally friendly and green, Musk hinted in his tweet. A further rise in bitcoin could lead to a rise in the price of altcoins, which would stabilize the market.Nearly $20 billion was wiped off the cryptocurrency market in the past five days, as investors took fright at news that South Korea could ban cryptocurrency trading. The country’s justice minister said banning trading in digital currency was a live option though regulators still had to figure out how to enforce such a ban.. Read more about bitcoin news today and let us know what you think.
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