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Hundreds of billions were wiped from the crypto market in just one day

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Miguel A. Rodriguez
Miguel A. Rodriguez
19 May 2021
The largest cryptocurrency in the world took a hit, as the recent negative news impacted market sentiment

Bitcoin fell 13% on Tuesday, continuing its massive selloff that began a week ago. According to CoinDesk, the digital currency hit an intraday low of $38,585.86, marking the lowest point since February 9.

One major news that hit Bitcoin’s price was Tesla suspending vehicle purchases using the cryptocurrency. The company’s CEO Elon Musk made the announcement on May 12, citing environmental concerns over the “mining” process. That day, the cryptocurrency market lost more than $300 billion of its market cap.

Moreover, three Chinese banking and payment industry bodies issued a statement to warn financial institutions not to conduct virtual crypto business.

The latest developments impacted Ethereum too, with the digital coin trading 15% lower at $3,001.70. Approximately $279.65 billion was wiped off from the entire value of the crypto market in the past day.

Despite the recent setback, Bitcoin is up more than 40% year-to-date and 300% in the last 12 months.

Sources: cnbc.com, coindesk.com

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.