{"id":525476,"date":"2021-05-19T11:51:12","date_gmt":"2021-05-19T15:51:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=525476"},"modified":"2021-05-19T11:51:14","modified_gmt":"2021-05-19T15:51:14","slug":"china-crypto-ban-triggers-crash-wiping-out-almost-1-trillion-in-cryptocurrency-market-cap","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-crypto-ban-triggers-crash-wiping-out-almost-1-trillion-in-cryptocurrency-market-cap\/","title":{"rendered":"China Crypto Ban Triggers Crash, Wiping Out Almost $1 Trillion In Cryptocurrency Market Cap"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchina-crypto-ban-triggers-crash-wiping-out-almost-1-trillion-in-cryptocurrency-market-cap%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=525476&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-910836544-1200x800-1.jpg\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>The cryptocurrency market crashed Wednesday, with the market cap losing nearly $1 trillion.<\/span><\/p>\n<p><span>Popular cryptocurrencies Bitcoin and Ethereum \u201cposted their largest one-day drop since March last year,\u201d according to <\/span><a href=\"https:\/\/www.reuters.com\/technology\/bitcoin-ethereum-plunge-crypto-market-cap-losses-nearly-1-trillion-2021-05-19\/\"><span>Reuters<\/span><\/a><span>, \u201cwith losses in the market capitalization for the entire cryptocurrency sector approaching $1 trillion.\u201d<\/span><\/p>\n<p><span>Despite being priced at over $58,000 earlier this month, Bitcoin plunged to just under $32,000 on Wednesday morning, with a 24-hour low of $30,201.96, according to <\/span><a href=\"https:\/\/www.coindesk.com\/price\/bitcoin\"><span>Coindesk<\/span><\/a><span>.\u00a0<\/span><\/p>\n<p><span>\u201cWednesday\u2019s decline extended bitcoin\u2019s loss for the past week to more than 40%,\u201d noted <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/05\/19\/bitcoin-btc-price-plunges-but-bottom-could-be-near-.html\"><span>CNBC<\/span><\/a><span>.<\/span><\/p>\n<p><span>\u201cThat means bitcoin has now erased all its gains following <\/span><span>Tesla\u2019s<\/span><span> announcement that it would purchase $1.5 billion worth of the cryptocurrency. It\u2019s also down more than 50% since hitting a record high of $64,829 in mid-April,\u201d the CNBC report continued.<\/span><\/p>\n<p><span>According to CNBC, other cryptocurrencies also crashed in value, with Ethereum down by more than 30%, while Dogecoin also fell by more than 30%.<\/span><\/p>\n<p><a href=\"https:\/\/finance.yahoo.com\/news\/bitcoin-ethereum-plunge-crypto-market-134615617.html\">Yahoo! Finance<\/a> explained that the sharp decline was triggered \u201cafter China banned financial and payment institutions from providing cryptocurrency services.\u201d According to the <a href=\"https:\/\/www.bbc.com\/news\/business-57169726\">BBC<\/a>, the communist regime also \u201cwarned investors against speculative crypto trading.\u201d<\/p>\n<p><span>This news is the latest in a timeline of turbulent market behavior for various cryptocurrencies. Just days ago, Tesla CEO Elon Musk <a href=\"https:\/\/www.dailywire.com\/news\/bitcoin-plunges-12-after-elon-musk-says-tesla-will-stop-accepting-the-coin-wipes-365-billion-off-cryptocurrency-market\">announced<\/a> that the electric car company would suspend vehicle purchases with Bitcoin, citing concern over \u201crapidly increasing use of fossil fuels for Bitcoin mining.\u201d<\/span><\/p>\n<p><span>\u201cTesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,\u201d wrote Musk.<\/span><\/p>\n<p><span>\u201cCryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,\u201d Musk continued. \u201cTesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin\u2019s energy\/transaction.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"4.2\">\n<p lang=\"en\" dir=\"ltr\">Tesla &#038; Bitcoin <a href=\"https:\/\/t.co\/YSswJmVZhP\">pic.twitter.com\/YSswJmVZhP<\/a><\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1392602041025843203?ref_src=twsrc%5Etfw\">May 12, 2021<\/a><\/p>\n<\/blockquote>\n<p><span>In response, up to $365 billion was \u201cwiped\u201d off the entire cryptocurrency market.<\/span><\/p>\n<p><span>\u201cAt around 6 p.m. ET on Wednesday when Musk made the announcement, the value of the whole cryptocurrency market stood at around $2.43 trillion, according to data from Coinmarketcap.com. By 8:45 p.m., the market capitalization had dropped to around $2.06 trillion, wiping off around $365.85 billion,\u201d reported <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/05\/13\/bitcoin-btc-price-falls-after-tesla-stops-car-purchases-with-crypto.html\"><span>CNBC<\/span><\/a><span>.<\/span><\/p>\n<p><span>A few days prior, Musk <a href=\"https:\/\/www.dailywire.com\/news\/to-the-moon-dogecoin-plummets-robinhood-experiences-issues-after-elon-musk-admits-its-a-hustle-on-snl\">hosted<\/a>\u00a0\u201c<\/span><span>Saturday Night Live<\/span><span>.\u201d\u00a0<\/span><span>Many cryptocurrency investors watched closely to see if Musk would mention the previously surging Dogecoin. Musk did reference Dogecoin on multiple occasions, including joking with his mother that her Mother\u2019s Day gift was the meme-coin, and admitting to Michael Che that Dogecoin is a \u201chustle.\u201d<\/span><\/p>\n<p><span>\u201cTo the moon!\u201d Musk added, <\/span><a href=\"https:\/\/www.nbcnews.com\/news\/us-news\/dogecoin-plunges-nearly-30-percent-during-elon-musk-s-snl-n1266774\"><span>using<\/span><\/a><span> \u201ca catchphrase popular among Dogecoin enthusiasts.<\/span><\/p>\n<p><a href=\"https:\/\/www.cnn.com\/2021\/05\/09\/investing\/dogecoin-elon-musk-snl\/index.html\">CNN<\/a>\u00a0reported, \u201cAfter pumping up the value of the cryptocurrency in the lead-up to Musk\u2019s SNL appearance, investors sold off dogecoin sharply after the Musks talked about it on the show. Dogecoin was down 40%, trading as low as 44 cents early Sunday. The cryptocurrency started Saturday trading at around 70 cents and was selling for about 66 cents just before SNL went on the air at 11:30 pm ET.\u201d<\/p>\n<p><span>The cryptocurrency reached an all-time high of over $0.70 in early May. According to the latest data from <\/span><a href=\"https:\/\/www.coindesk.com\/price\/dogecoin\"><span>Coindesk<\/span><\/a><span>, dogecoin is priced at just over 36 cents.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"5.8550724637681\">\n<p lang=\"en\" dir=\"ltr\">Lloyd Ostertag stopped by the desk to talk cryptocurrency. <a href=\"https:\/\/t.co\/cuILxOBJlj\">pic.twitter.com\/cuILxOBJlj<\/a><\/p>\n<p>\u2014 Saturday Night Live \u2013 SNL (@nbcsnl) <a href=\"https:\/\/twitter.com\/nbcsnl\/status\/1391253461640093697?ref_src=twsrc%5Etfw\">May 9, 2021<\/a><\/p>\n<\/blockquote>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a<\/span><\/i> <a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency market crashed Wednesday, with the market cap losing nearly $1 trillion.Popular cryptocurrencies Bitcoin and Ethereum \u201cposted their largest one-day drop since March last year,\u201d according to Reuters, \u201cwith &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2278552,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-910836544-1200x800-1.jpg","fifu_image_alt":"China Crypto Ban Triggers Crash, Wiping Out Almost $1 Trillion In Cryptocurrency Market Cap","footnotes":""},"categories":[],"tags":[],"class_list":["post-525476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-910836544-1200x800-1.jpg","fifu_image_alt":"China Crypto Ban Triggers Crash, Wiping Out Almost $1 Trillion In Cryptocurrency Market Cap","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/525476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=525476"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/525476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2278552"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=525476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=525476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=525476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}