On Tuesday, there was news from China that the Chinese government has banned financial institutions and payment companies from providing services related to cryptocurrency transactions and warned investors against crypto trading. . In such a situation, institutions such as China’s banks and online payment channels can no longer provide services such as registration, trading, settlement and clearing in cryptocurrencies to customers. This can also be a major reason for the market crashing today.
Apart from this, recently Elon Musk, the second richest man in the world, also created a lot of confusion in the market through his tweet. Musk first announced by tweeting that his electric car maker Tesla would take bitcoin as payment, and less than a week later, he made the decision. took a u-turn And tweeted that the company will not take bitcoin for the time being due to environmental impact. He then teamed up with Dogecoin creators to make the Energy architecture better and more efficient, leading to investor interest in Dogecoin. Similarly, investors’ dilemma increased with Allen’s tweet after tweet and somewhere this could be one of the many reasons for the crash of such a market today.
Investors expressed their frustration and anger on Twitter and some even shared fierce memes. It is morning in the US in the evening Indian time and this was the time when a sudden earthquake struck the cryptocurrency market, which has been declining at a slow pace for two days.