May 24, 2021 | Investopaper
Bitcoin, the world’s most popular cryptocurrency, has plummeted by almost 50 percent from its all time high price.
The leading cryptocurrency suffered a huge sell-off after China announced on Friday that it would increase the regulation on bitcoin. The price fell below $3,200 before recovering slightly. On April this year, bitcoin rallied to its all time high above $6,500.
Ether, the cryptocurrency linked to ethereum blockchain network, also witnessed huge price drop and is trading at around $2,100.
The price of virtual currencies have been on free fall after Tesla CEO Elon Musk reversed his decision to accept bitcoin as payment for Tesla.