The Daily Mail:
- Bitcoin plunged overnight, dropping as much as 50% off its record high
- China announced Bitcoin will not be allowed in transactions due to fluctuations
- Bitcoin has now erased all its gains since Telsa announced a $1.5B stake
- Elon Musk suggests Tesla will not sell any of its Bitcoin despite the turbulence
- His tweets last week contributed to shaking investor confidence in crypto
Bitcoin has rallied after plunging below the $40,000 mark for the first time in more than three months, as Tesla boss Elon Musk insists the company will not sell any of its holdings in the cryptocurrency.
Despite the turbulence, celebrities and others who bought in early are still up big — but small investors who jumped on the Bitcoin trend in the past few months may have suffered ruinous losses.
Investors had rushed out of cryptocurrency earlier Wednesday after China sparked a market panic when officials announced a regulatory crackdown. Bitcoin dropped as low as $30,201.96 – down as much as 30 percent before it retraced most of its losses after Musk’s vote of confidence.