Bitcoin price: Cryptocurrency Bitcoin on May 19 declined almost 30 percent to $31,000, wiping out more than $600 billion in value from the coin’s peak market value. According to reports, another cryptocurrency Ethereum also tanked more than 40 percent.
Prices of popular cryptocurrencies like Bitcoin, Etherium, and DogeCoin have dropped massively in the last 24 hours. At around 6.30 pm May 19, 2021, Bitcoin was trading at just Rs 28.5 lakh while Etherium was trading at Rs 1.8 lakh on cryptocurrency platforms. DogeCoin price has fallen to Rs 21 while Shiba Inu coin, which was in the news recently, had dropped by over – 48 percent to Rs 0.000710.
Bitcoin tanks 30% to $31,000, Ethereum loses 40%, Dogecoin down 45% (Bitcoin price)
The downfall came after Tesla turned a cold shoulder to Bitcoin. Musk's tweets announcing Tesla's apprehensions towards the currency were followed by the selloff. An announcement from the People's Bank of China on Tuesday reiterating that digital currencies cannot be used for payments exacerbated the worsening sentiment.
Meanwhile, other digital currencies such as Ether, which acts as the fuel for the Ethereum blockchain network, and Dogecoin lost as much as 22% and 24% respectively.
At the same time, Tesla shares fell more than 3% on Wall Street, possibly because of the electric carmaker's exposure to Bitcoin.
The firm, owned by Elon Musk, still holds around $1.5bn worth of the crypto-currency.