Why did crypto drop today?

Over the last weekend Elon Musk, Snoop Dogg, and other brands pushed the stacks up high for cryptos like Dogecoin in the market. But today we see a sudden fall in the stocks of all the cryptocurrencies. Let’s see where things went wrong.  

Tesla’s CEO first announced that his company will be accepting BItcoin as a payment to its products in February 2021. This company bought shares in Bitcoin of about $1.5 billion which was the reason why the market price of both Tesla products and cryptos went high up in the sky. But earlier this week, Elon Musk conveyed that Tesla will no longer accept Bitcoin or cryptocurrency as a payment to any of its products catering to the environmental damage caused by cryptocurrency mining. He also clarified that his company has not sold any of its Bitcoins. Due to this, the bitcoin fell down to as much as 30% as of 19 May 2021. 

China has barred financial institutions and payment companies from providing any services related to cryptocurrency transactions. What does this mean? It means that the banks will no longer support any kind of services involving cryptos. Trading and registration have also been banned. Earlier in 2019 similar kind of ban was formulated in China, but now the restrictions and prohibitions have been revised and are more strict. This was done to prevent money laundering. According to them, cryptocurrency cannot replace any real value in the market. 

Elon Musk has been passing on cryptic comments on Twitter. While all of this was happening, Musk tweeted a few hours ago, “Diamond Hands” implying that his company Tesla won’t sell its stakes. Is there a strong reason behind it?

Are we expecting yet another cryptic comment that will change the shape of this whole scenario in the blink of the eye? 

Stay Tuned with Peddler Media to know more.

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