CRYPTO CRASH! Is the Cryptocurrency BULL Market Over?

CRYPTO CRASH! Is the Cryptocurrency Bull Market Over?

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CRYPTO CRASH! Is the Cryptocurrency Bull Market Over?


This past week's extreme volatility in the crypto circus made every crypto investor wonder if they've been duped.

The crypto market had been especially shaky for about a week before the crash on Wednesday.

On May 12, bitcoin fell 12% after Elon Musk walked back Tesla's commitment to accept bitcoin as payment, citing concerns over the cryptocurrency’s massive carbon footprint.

The big crash came Wednesday after Chinese officials announced a crackdown on crypto usage in the country.

The central bank issued a warning to Chinese financial institutions and businesses not to accept digital currencies as payment or offer services using them.

The threat of increased regulation triggered a panic, and bitcoin plunged before rebounding slightly and leveling off.

Other cryptocurrencies also tanked: Ethereum fell more than 40%, while dogecoin and Binance lost around 30%.


However, China has long had limits around crypto trading within its borders.

According to CNN, “Officials declared in 2013 that bitcoin was not a real currency and banned financial and payment institutions from using it.

It’s not just China on Thursday, Federal Reserve Chairman Jerome Powell warned about potential risks cryptocurrencies pose to the financial system.

The Treasury Department is also turning its attention to the crypto space.

On Thursday officials said any transfer of digital currency valued at $10,000 or more must be reported to the Internal Revenue Service.

All this speculation and more regulations could hurt crypto’s reputation.


And finally, Tesla CEO Elon Musk is yet again tweeting his support for crypto.

A Twitter user had asked him what thoughts were about people who were angry at him because of crypto and Musk responded, “The true battle is between fiat & crypto. On balance, I support the latter.”

Bitcoin slumped after Tesla announced they would no longer accept bitcoin for car purchases.

Earlier in the month, he called crypto a “hustle” during his guest-host spot on Saturday Night Live, sending prices to tumble.

Musk has compared bitcoin to fiat money in the past and often tweets about cryptocurrencies, which have sent Bitcoin and Dogecoin values up and down.

Kind of a unique response despite all the criticism he has received.

#bitcoin #cryptocrash #crypto

Sources:

https://www.cnn.com/2021/05/22/investing/crypto-crash-bitcoin-regulation/index.html
https://www.reuters.com/technology/musk-says-he-supports-crypto-battle-with-fiat-money-2021-05-22/
https://www.cbsnews.com/news/crypto-price-bitcoin-down-2021-05-22/

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