If you are a crypto investor or have some interest in the world of cryptocurrency, you must be aware of everything that has occurred in the crypto market in the month of May. Bitcoin has faced several corrections in the past, but this time, the correction is quite massive and has made the investors and traders suffer enormous losses. If you want to trade bitcoins and make money, there is no better platform than https://bigmoneyrush.io/.Fluctuations are quite common in bitcoin investment and trading, but this time it has crossed all the limits as the latest market crash has broken all the previous records.
It is irrefutable that the bitcoins’ downfall has made an enormous number of investors lose faith in cryptocurrency, and a lot of them have even liquidated their investment. But the more important question is that will bitcoin be able to recover from the downfall. Investors are doubting the recovering and comeback of bitcoin, which is the investors’ primary reason, and running away from it. If we talk about bitcoin’s recovery, several factors will play an essential role in it. According to the experts, bitcoin will surely make a comeback, but the recovery is quite difficult in the current market conditions, so it may take some extra time.
Red alert in the bitcoin market; what actually happened?
Before the market crashed, the market capitalization of bitcoin stood at a whopping $2.2 trillion, but you will be surprised to know that within a week, it came down to $1 trillion. It makes it clear that how heavy losses have been suffered by the crypto investors. The downfall of the bitcoin market started with Elon Musk. The owner of Tesla announced that his company would no longer be accepting bitcoins as a payment method. Elon Musk is the same person who bought bitcoin worth over $1 billion, and when he made a U-turn on his decision, bitcoin investors lost their mind, and the price of bitcoin came tumbling down. After the announcement made by Elon Musk, the price of bitcoin hit as low as $46000 from $54000.
The manipulations done by Elon Musk in the market made investors face losses, and a group of crypto developers created a new cryptocurrency known as STOPELON. It was solely made for showing their anger and frustration towards Elon Musk and stopping him from manipulating the markets through his tweets in the future. At present, the total market capitalization of STOPELON is around $63,471,075.
China’s announcement causing further damage
The Crypto market was already damaged after the manipulative tweets posted by Elon Musk, and China made things worse for it by making an announcement that it is banning all the Chinese Financial institutions from allowing crypto transactions and offering any service related to cryptocurrencies. It was evident that after such restrictions were imposed by China, the price of bitcoin will fall down as a massive portion of the total owners of bitcoins is in China. After the authorities imposed the restriction, a huge number of users sold off their investment which not only affected the total market cap of bitcoin and but also led to a decrease in its price.
Paytm Payment banks breaking ties.
Another bad news for the bitcoin investors in India is that one of the primary online payment methods, Paytm, announced that it is breaking all the ties with the different cryptocurrency exchanges on the Internet. In simple words, bitcoin investors will no longer be able to purchase bitcoins from the online exchange by using Paytm as a payment method. However, top cryptocurrency exchanges said that soon they would provide the customers with new and efficient payment methods, so there is no need to worry. And while time the new deposit options are being prepared, users can purchase bitcoins through P2P exchange. Earlier, the Indian government placed a ban on cryptocurrency, but in 2020, the Supreme Court lifted the ban and allows the users to make crypto transactions. Moreover, experts believe that there is a lot of potential in cryptocurrency, and chances are the government may get into a discussion to unveil the real potential of cryptocurrency and use it in the best way. But overall, the events that have occurred across the globe have damaged the image of bitcoin, and it will be quite difficult for bitcoin to recover from such a stage.
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