Why did the price of Bitcoin suddenly fall by 30%?

Web Desk. The cryptocurrency bitcoin fell 30 percent on Wednesday. According to the French news agency AFP, the fall in the price of Bitcoin came after China’s ban on Cryptocurrencies and Elon Musk’s claim that his electric car maker Tesla The company has a large number of bitcoins to sell.

Before returning to more than $33,000, the value of the virtual currency fell to $30,000, less than half of last month’s record price. This is still higher than the price level at the beginning of this year.

To curb money laundering in China, trading in corrupt currencies has been banned since 2019, as leaders try to prevent people from transferring cash abroad. The sector accounted for 90% of the world’s trade.

Chinese officials said on Wednesday that “Cryptocurrencies will not be allowed in the transaction and investors have been warned against trading speculation.” Bitcoin prices have risen sharply, thanks in part to Elon Musk and Tesla.

But last week, Tesla put a brake on people’s payments for electric vehicles with bitcoins, citing the harmful effects of cryptocurrency on the environment.

Before Elon Musk explained that the company had not sold any bitcoins, he suggested that Tesla intended to sell a large number of the bitcoins it had.

The whole day on Wednesday was full of ups and downs for the bitcoin. It fell from $45,600 to $40,000. It then rebounded before falling to $30,000 and then surpassed $33,000. The value of the bitcoin reached a record $63,000 last month.

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