The cryptocurrency market is in quite a turmoil with prices fluctuating wildly. The major currencies, including Bitcoin and Ethereum have crashed as much as 30% within 24 hours due to the Chinese regulators announcing that they are going to crack down on crypto trading activities- causing uncertainty among investors around the world who still maintain their optimism about cryptocurrencies.
Elon Musk has made it clear that Tesla will no longer accept Bitcoin as payment.
While this announcement was the final straw, there is more to blame for Bitcoins recent decline: China’s regulatory crackdown on cryptocurrency trading and Beijing-based exchanges last week had a major impact on crypto markets across the world.
What are your thoughts?