300 billion dollars destroyed: rumors cause Bitcoin to collapse

$ 300 billion destroyed
Rumors make Bitcoin collapse

Violent exchange rate fluctuations are part of crypto currencies. After a recent rapid ascent, it is now again steeply downwards. The Bitcoin course temporarily crashes by $ 10,000. The value of the entire crypto market is shrinking by $ 300 billion in a few hours.

Many crypto currencies have been massively burdened, among other things by rumors of stronger action against money laundering. Bitcoin, the oldest and best-known of all digital currencies, collapsed by around 15 percent at times. Other crypto assets were also hit hard. Ether, the second largest Internet currency in terms of market value, fell at times by around 18 percent in value before it was able to recover slightly.

Bitcoin 61,850.32

Rumors that the US Treasury Department could step up against the use of cryptocurrencies for money laundering were cited as triggering the sell-off. This was reported by several websites specializing in news about crypto values. The rumor could also be read on relevant Twitter accounts from the crypto scene. Sharp price drops even without clearly identifiable triggers are not uncommon for Bitcoin and other crypto currencies, especially after steep price increases like recently.

The Bitcoin price fell on the Bitstamp trading platform from a good 60,400 US dollars to around 51,540 dollars at times. In the morning, a Bitcoin then cost around $ 55,000. Just last week, the course had reached a record high of almost $ 65,000. The price of ether collapsed from about $ 2430 to about $ 1925 and was most recently at $ 2125. Other crypto currencies such as Litecoin or XRP also fell sharply in some cases. The market value of all over 9,000 crypto values ​​fell from around 2.2 trillion to around 1.9 trillion dollars.

The recent price slump shows that digital currencies remain very volatile despite their steep rise. In the past few months, Bitcoin and Co. have benefited greatly from increasing interest on the part of large companies and financial investors. The Bitcoin price had roughly doubled since the beginning of the year and roughly sixfold since autumn. Other crypto stocks had also risen sharply.

However, the reputation of the entire market remains scratched. A constant allegation is that digital currencies can be used for illegal purposes due to high anonymity in the payment process. State institutions such as regulators or central banks are correspondingly critical of the hustle and bustle on the crypto market. Turkey recently banned payments in digital currencies with effect from the end of April. India is also reportedly working on a complete ban on cryptocurrencies.

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