Bitcoin, which collapsed with the irresponsible actions of Elon Musk, collapsed with China’s last move.
We know how valuable Elon Musk is to the crypto market. If you are an active reader of Venture News, we have compiled the steps Elon Musk has taken towards the crypto market for you. However, with the irresponsible actions of Elon Musk, Dogecoin, which was the most supported cryptocurrency, has fallen. After their last announcement, Bitcoin was pushing the $42,000 level and trying to rise. The biggest blow to Bitcoin’s effort to rise came from China and collapsed. After the Chinese move, Bitcoin started to see $30,000.
At noon yesterday (May 21), China made a statement. He warned Chinese financial institutions to stay away from cryptocurrency payments. Of course, you can think of this as an order rather than a warning. Elon Musk saw $42,000 on his face, Bitcoin lost $6,000 after the Chinese announcement and suffered a great loss.
China is working on the digital yuan, and they are planning to launch it at the 2022 Winter Olympics. Of course, China had a moderate attitude towards cryptocurrencies. This strategy was to digitalize for the digital yuan. After these movements of China were remembered, Bitcoin rose again and saw 39 thousand dollars.
Unfortunately China made some remarks at night. China announced that Bitcoin mining should be curtailed. After this announcement, Bitcoin saw $33,000. Currently, it is watching in the 35 thousand dollar band.
After Elon Musk’s mistakes and China’s bans and statements, nearly $1 trillion was deleted from the market. In addition, the total value of the crypto market was $2.42 trillion last week, while it currently saw $1.61 trillion.
At this rate, the trust in the crypto market will gradually decrease, and it seems that it will lose its old power
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