The digital currency has lost more than 1.5 trillion in market capitalization since cryptocurrency inflation in April. Cryptocurrency Bitcoin continued to inflation last month, but Bitcoin has already lost one-third of its market value. The latest bitcoin price has dropped by nearly 30 percent to 12,000. After that Bitcoin is traded for only 30 thousand dollars. Ether, the second most valuable digital currency in the cryptocurrency, lost 40 percent of its value. And the price of dogcoin has dropped by 50 percent. In April, the price of Bitcoin rose to 65,000. Bitcoin has lost 50 percent of its value compared to that. The fall in digital currency began after the People's Bank of China announced a halt to transactions in cryptocurrency. The bank said virtual currency is not a real currency. It should not be traded as a currency in the market. Recently, the bank also commented that the inflation of digital currency is based on estimates. RT / Coindesk
Regarding the recent fall in cryptocurrency prices in China, Paul Haswell, a partner at Hong Kong-based law firm Pencent Masons, said there was a significant lack of control over cryptocurrencies and refused to transact with the People's Bank of China to prevent ordinary investors from falling into scams. Also a week ago, Elon Musk, a top US entrepreneur and CEO of Tesla, said his company would not accept cryptocurrencies in car sales. Then the price of Bitcoin fell another 10 percent when rumors circulated in the market that Tesla might sell the 1.5 billion worth of cryptocurrency it had bought. However, after the rumors were rejected by Elon Musk, the price of Bitcoin increased a bit.
This is not the first time Elon Musk has given false information about cryptocurrency, he said, adding that this is not the first time Elon Musk has given false information about cryptocurrency. Cryptocurrency market transactions are highly emotional for investors and also involve considerable risk. However, market analysts say the Chinese bank's refusal to transact in the latest cryptocurrency is a warning to investors. Not only Bitcoin but other cryptocurrencies have fallen by 34 per cent, which is about 2300 in monetary terms. And in 24 hours, the price of Bitcoin fell to 60 billion dollars. On April 13, the price of Bitcoin rose to 64,800. Bitcoin has dropped 38 percent compared to that. Even so, the value of Bitcoin is still 31 percent higher than at the beginning of this year and 300 percent higher than last year.