Home Trade And business Cryptocurrency prices … Bitcoin’s biggest loss in 10 years

Cryptocurrency prices … Bitcoin’s biggest loss in 10 years

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Most of the “cryptocurrency” digital currencies fell today, at great rates, exceeding 11% for some of them, and Bitcoin led those declines.

And tumbled Bitcoin Friday, to its lowest level this week, bringing losses from a growing campaign against it in China and environmental concerns to nearly 40 percent since the start of the month.

The major cryptocurrencies added to their previous losses, and fell by 8.2% to reach 35 thousand and 339 dollars “at the time of writing the report”, as they remained in a relatively narrow trading range this week.

Bitcoin was down in the most recent transactions by 6.2%.

Bitcoin lost 37% of its value in May, and this would be its worst monthly performance since September 2011 if it continued at the same pace.

China and currency mining

And pushed it to retreat from China’s efforts to eliminate electronic mining operations to extract and circulate cryptocurrencies, in addition to Tesla’s move to stop receiving payments with it due to concerns about energy consumption.

However, Bitcoin has gained around 3% this week, trading is taking place around the clock and seven days a week in cryptocurrency markets, and volatility is common on weekends.

Smaller cryptocurrencies, which usually rise and fall with Bitcoin, also fell, and the second largest digital currency, Ethereum, fell by as much as 11%, reaching its lowest level in four days.

And those involved in these operations obtain cryptocurrencies by using powerful computers to solve complex mathematical operations.

Virtual currencies around the world recorded, last Sunday evening, a historic decline in their market value, compared to their highest recorded level.

Virtual currencies closed Sunday’s transactions at a market value of $ 1.5 trillion, compared to the highest historical level recorded in the transactions of April 16, which amounted to $ 2.519 trillion at the time.

New guest

A few days ago, the virtual currency market witnessed the introduction of a new currency called “STOPELON”, as one of the tools for pressure on Elon Musk to stop manipulating virtual currencies around the world.

StopElon is currently trading at $ 0.0001, while its market value is about $ 25 million, according to data from one of the online digital trading platforms.

The new cryptocurrency, “STOPELON”, saw prices rise by about 5,000% in one day, the first day of trading, as the currency aims to stop the manipulations of Elon Musk, who is alleged to be manipulating the crypto market.

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of Algulf.net and Algulf.net does not assume any responsibility or liability for the same.

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