With BTC & ETH Dipping, Entire Crypto Market Falls Below $1.5 Trillion

Elon Musk, CEO of Tesla, and China’s depression in crypto price are the reason for the Entire crypto market vigorously keeps falling. In addition, the total capitalization of crypto markets falls below $1.5 trillion.

Day By Day, the Entire Crypto Market Fall is Taking Place

The unexpected fall of the whole crypto market demonstrates a 9% decrease within 24 hours, a 35% reduction over the last week, and a sudden fall of around $2.5 trillion in all-time highs at the beginning of the month.

9% of Bitcoin’s price, which is worth about $35,000, was knocked down by another 7% overnight collapse. The drop also declined 13% from Ethereum, which is now valued at $2,073 –  less than half its all-time high of $4,165 on 11 May.

Much worse fared smaller altcoins. In the last 24 hours, Binance Coin (BNB) has dropped 18%. It has dropped two ranks to 6th-largest cryptocurrency by the market cap at $257 and a market ceiling of $39 billion. Cardano (ADA) and Dogecoin took their place with pleasure, while they felt respectively by 14% and 9% overnight.

Behind the collapse is a string of negative news. The damage began on 12 May, when Tesla and SpaceX CEO Elon Musk traced Bitcoin and confirmed Telsa’s failure to allow Bitcoin payments.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021

In January, Tesla purchased $1.5 billion in Bitcoin. The buying indicated to institutional buyers that the coin was worth considering. Musk brought up concerns about Bitcoin’s energy-intensive proof-of-work mining.

With Ethereum Dropping, The Whole Cryptocurrency Market Plummets

When the price of Bitcoin decreased, some major cryptocurrency exchanges, including Coinbase, Binance, Kraken, and Huobi, experienced disruptions; others, including Binance and Huobi, briefly halted withdrawals of Ethereum tokens.

@cz_binance we trust #Binance 🙂 orderbook works fine but need to add more cash 💵 🙂 missing the deep opportunity

— Apollo B. (@AB_Bayindir) May 19, 2021

On Wednesday, three influential Chinese financial institutions have cautioned that cryptocurrencies are extremely volatile and dangerous ventures that have the potential to disrupt the “normal economic and financial order.”

The next setback occurred when China’s financial committee attached cryptocurrency mining to a list of sectors that should be regulated to “prevent and regulate financial risks.”