Ethereum, Binance’s BNB, Cardano And Dogecoin suddenly collapse after striving over the last week in the face of regulatory pressure and environmental concerns. It has collapsed under $40,000 per bitcoin.

The bitcoin price, which began May at almost $60,000, has dropped under the closely-watched $40,000 level after it appeared. China was redoubling its crackdown on bitcoin and cryptocurrencies.

Meanwhile, other notable tokens, ethereum, Binance’s BNB, Cardano and the viral, meme-based dogecoin also crashed back—dragging the cryptocurrency market dropping by billions of dollars.

The bitcoin price is now down over 30% on this time last week when Tesla TSLA +4.1% billionaire Elon Musk sent shockwaves through the crypto market by pulling the plug on Tesla bitcoin payments.

The bitcoin and crypto sell-off was exacerbated this week by China instructing banks not to promote crypto transactions and warning investors to avoid speculative trading.

The cost of the top five cryptocurrencies by value—ethereum, Binance’s BNB, Cardano and dogecoin—are all down by double-digit percentages in the last 24 hours, with around $700 billion now washed from the cryptocurrency market over the past week.

“The crypto markets are currently treating a cascade of news that fuel the bear case for value development,” Ulrik Lykke, Executive Director, Crypto Hedge Fund ARK36, said through email.

When it gets to Elon Musk’s tweets or adverse remarks from the People’s Bank Of China, it is necessary to distinguish their real meaning from their observed influence. Realistically, it is not the first time tweets of Elon Musk have been inconsistent and, honestly, wrong; likewise, China has shifted its stance on cryptocurrencies multiple times before. News like this can get a lot of traction and immediately stir market sentiments, but they often prove of little significance in the long term. The crypto markets are exceptionally emotionally driven, and their participants are prone to overreacting to events they perceive as damaging.

Despite the sharp falls, many in the bitcoin and cryptocurrency community remain upbeat, arguing the latest sell-off is merely a “pull-back.”

“Bitcoin’s pattern over the last ten years has been meteoric rises followed by pull-backs,” Joe DiPasquale, the chief executive of bitcoin and crypto hedge fund BitBull Capital, said via email.

The trends have been tremendous highs and higher lows: one year ago today, bitcoin finished at $9,927 while now relaxing at about $39,000. While it’s indeed happened from its $63,000 high, that is still a 300% rise. The fall in cost is a natural consolidation period that we see as essential for the support lines to work for future appreciation. We continue to be bullish on bitcoin and sure that we will recognise bitcoin at $100,000 in the future.

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