Bitcoin Price Analysis After Crash - More Downside or Quick Rebound?

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Here is our video about Bitcoin price analysis after the crash. Bitcoin price May 2021 has shocked investors as the cryptocurrency lost 29% of its value on Wednesday after the China Banking Association banned financial and payment institutions from providing services related to digital currencies.

As a result, Bitcoin price slumped to $30,202 before recovering to $41,007 later that day. Bitcoin price crash today is still lurking but so far it is trading 23% higher for the last 24 hours around $42,500. Most cryptocurrencies also lost between 7% and 22% of their value for the day and shares of Coinbase fell 5.4% due to the Bitcoin price news.

One of the main reasons for the ban is the high volatility of the cryptocurrencies. The value of Bitcoin can change for thousands of dollars in a short period of time which hinders its reliability and widespread acceptance. Bitcoin in May is still up around 31% in 2021 and nearly 300% from a year ago.

According to our Bitcoin price analysis the sharp slump began last week when Tesla announced it will not accept the digital currency as payment for cars. The reason for that being the high emissions incurred in mining Bitcoin. However, the company also said at the start of the week that it is not selling the crypto currency which also supported Bitcoin price in May.

Watch the full video for our take on Bitcoin price crash and a deeper insight into what to expect in the weeks ahead from our Bitcoin price prediction. Drop us a line in the comments with your thoughts on Bitcoin price crash 2021. To be notified about the latest Bitcoin price forecast and news, subscribe to Capital.com, and click that notification bell.

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