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The End For Bitcoin?
Over the past week, Bitcoin has been surrounded by negative news.
Overnight, Bitcoin the largest cryptocurrency on the market, dropped more than 18 percent with more than $600 billion being wiped.
This is a complete reversal despite Bitcoin still being more than 200% since last September.
As of today, a major sell-off in the cryptocurrency markets is continuing as of a week ago.
Last week, Tesla CEO Elon Musk announced he was suspending vehicle purchases using Bitcoin over environmental concerns over their mining process.
“This is where high-powered computers are used to solve complex mathematical puzzles to enable transactions using bitcoin.”
Musk’s comments caused over $300 billion to be wiped out from the entire cryptocurrency market that day.
However, this comes after three months that Tesla was purchasing about $1.5 billion worth of Bitcoin, but Musk suggested that the company have not sold its Bitcoin holdings.
Bitcoin continues to stumble after the China Banking Association warned members of risks associated with digital currencies on Tuesday.
According to CNBC, “three Chinese banking and payment industry bodies issued a statement warning financial institutions not to conduct virtual…