The Crypto market sheds $270 billion
The ever-volatile cryptocurrency market has plunged massively again.
The cryptocurrency market had generally been experiencing positivity after the CEO of Tesla, Elon Musk, announced that his electric vehicle company, Tesla, will resume the acceptance of Bitcoin as payment for its cars if miners begin using clean energy to the tune of 50%.
That positivity has been short-lived.
The cryptocurrency market dipped by 17% which signifies the wipe off of $270 billion from the market as well as the liquidation of thousands of investors. This also caused the market capitalization of the cryptocurrency market to fall to $1.36 billion from $1.63 billion.
The bearishness of the cryptocurrency market is said to have been caused by the immense fear, uncertainty, and doubt that investors had due to the anticipation of the outcome of events such as the release of the 2021 FOMC statement, a regulatory crackdown on cryptocurrency activities in China and the ‘Death Cross’ on Bitcoin.
Cryptocurrency experts like Mark Newton have advised investors not to consider the recent waves of stability that the cryptocurrency market has experienced to be a green light to buy the dip.
