BREAKING: Bitcoin and cryptocurrency market in freefall – several exchanges offline
Individual losses of up to 40% across the top 10 cryptocurrencies by market cap have triggered a selling frenzy.
- Bitcoin and the wider cryptocurrency market is facing a historic day of losses, as the overall market loses roughly 20% of its value in a 24-hour period according to CoinGecko data.
- At the time of publication, Bitcoin was down approximately 25% on the day, to $32,000 per coin.
- Several major cryptocurrency exchanges and data providers such as Coinbase and CoinGecko are struggling with user demand, resulting in confusion across the market. As a result, pricing data was unreliable for a few hours.
- Elon Musk tweets about cryptocurrency: Musk took to twitter to announce that "Tesla has :diamond: :hands:" using emojis for diamond and raised hands. This comes after recent tweets that Tesla might be selling its BTC holdings and a contradictory tweet that it wasn't selling.
- Downward selling pressure likely triggered by new crypto regulations from China: Beijing expanded on previous crypto regulations from 2017 and 2019, further strengthening their position that "virtual currencies are not supported by any real value." These new statements on regulations come from a joint statement from the National Internet Finance Association of China, the Payment and Clearing Association of China and the China Banking Association.
We will update this story if it develops.
Disclosure: The author owns a range of cryptocurrencies at the time of writing