Wednesday, the 19th of May, 2021 was just an average day the world thought would go business as usual. Not until evening did the world hear of the wailings and excruciating mess a huge population of cryptocurrency holders had gotten into, especially those on the Bitcoin section. A huge dip had brought the coin’s value to $30,000 day-low before a consolation up to $38,000. Still not enough to compensate as it has traded as high as $65,000 per coin around mid-April.
It is important to put to remembrance that Bitcoin had closed at around $30,000 for the year 2020, but had enjoyed some huge increments after the 2nd richest man in the world – Elon Musk had announced via his Twitter handle that his company had invested $1.5 billion into the cryptocurrency and hence started plans to accept it as a form of payment for its commodity. This announcement caused a rise in Bitcoin price to $42,000 on February 8 while it continued to enjoy good valuations amidst speculations until about a week ago. Also Dogecoin, another cryptocurrency promoted by Musk enjoyed huge increase.
Last week Wednesday – the 12th of May, Musk via his usual funnel announced that Tesla, his Electric Vehicle manufacturing company has ‘suspended’ accepting bitcoin as a form of payment for vehicles out of concerns for “rapidly increasing use of fossil fuels for bitcoin mining” which he thought was not acceptable due to the depleting world climate system. This announcement brought a disappointment to the market bringing its price from the 60k’s to around $45,000.
One week later – the 19th of May, a trio of Chinese financial agencies brought one more shocking blow to the market. They disallowed financial institutions and payment companies from participating in any transactions related to cryptocurrency, neither are they allowed to provide cryptocurrency related services to their clients. This announcement, found Wednesday morning on their website further topsy-turvied the crypto market with major coins going red while Bitcoin in itself plunged further to under $37,000, its first in months.
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