After the price of Bitcoin (BTC) fell almost to 55% in the past 24 hours, BTC finally managed to jump to a price level above $ 41,000 per unit at the time of writing.
After the price of bitcoin jumped above $ 40,000 per unit, other cryptocurrencies have also shown an increase. Ether has risen to at $ 2,820 and litecoin is up 7% to $ 218. Dogecoin, a meme -inspired crypto that caught the attention of Elon Musk, is up 15% following a tweet from Tesla’s CEO.
On Wednesday, bitcoin fell to half its price from its highest level before bouncing back in a short period of time to $ 35,000 more. The entire crypto market has lost hundreds of billions of dollars in value in a single day.
As previously reported, a mixed statement from Elon Musk, China’s report to ban crypto and manipulation by ‘sharks’ has been a major factor driving the fall of crypto.
The chronology begins on May 12, Musk says his electric car firm has delayed buying vehicles using bitcoin because of environmental concerns over the crypto market.
Earlier this week, Musk suggested Tesla may have sold their bitcoin holdings, then retracted the statement. Yesterday Musk once again loaded a signal interpreted as ‘diamond hand’ or continued to hold an existing crypto handle.
On the other hand, China is once again repeating the rhetoric they played out in previous years that prohibited financial institutions and payment firms from providing crypto-related services.
Currently the Bitcoin price is still playing below the $ 44,000 per unit level. Requires BTC past this resistance level to soar higher.
