Bitcoin and Ethereum price drop drastically, know what is going on

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This week is proving to be very variable for Bitcoin. This cryptocurrency has also fallen to $ 40,000 (about Rs 29 lakh) on Wednesday. This happened because there are reports of China banning this cryptocurrency too. At the same time, Tesla owner Elon Musk also expressed concern about the environmental damage from bitcoin mining a few days ago.

Bitcoin (the price in India), which is the world’s largest and most popular cryptocurrency, has fallen by 9 percent to $ 38,940.04 (about Rs 28.4 lakh). Its average speed is 200 points per day. But now it is running below that. It has now dropped 40 percent from its highest price of $ 64,895.22 (about Rs 47.3 lakh) on April 14.

The Ethereum blockchain-related coin Ether (price in India) has fallen by 15 percent to a price of $ 2,875.36 (about 2 lakh rupees).
The decline began after last week’s tweet by Musk when he said about Tesla that the company would no longer accept bitcoin as a payment mode. Other tweets followed which led to the confusion that the company was covering the holdings of this cryptocurrency.

On Tuesday, China announced that it was banning cryptocurrency transactions by financial institutions and payment companies. At the same time, investors were also warned about speculative crypto trading. As a result, sales increased rapidly.

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