The price Cryptocurrencies have continued to fall, as crypto market struggle with the double whammy received from Tesla CEO Elon Musk and the ban from China.
China on Tuesday banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading. Elon Musk’s had earlier announced that Tesla would stop accepting Bitcoin as payment over environmental concerns.
Bitcoin the most popular Cryptocurrency is down 13.58% and is trading below $40,000 on Wednesday morning at $38,710.8 on the Investing.com Index. This is the lowest level since February 9, the last time it dropped below $40,000.
Cryptocurrencies had been on a bubble for some time with Bitcoin reaching an all time high of $64,778.
Similarly, Ethereum is down 17.81%, trading at $2,877.71. Ethereum reached an all time high of $4,366.1 in early May
XRP and Dogecoin are down 10.62% and 23.05% respectively.
Binance Coin is down 21.91%, trading at $413.09
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.