“Why can’t bitcoin and altcoins enter an uptrend?” question remains the focus of many investors in the market. Throwing a needle up to the level of 30K, Bitcoin fell to the level of 1.4 trillion, falling behind the market volume of 2 trillion dollars with a decrease of more than 35%. So, why are Bitcoin and altcoins falling? Here are the important statements from the experts about the decline.
The decline in Bitcoin and altcoins is being watched closely due to bear market concerns. The reason for the decline in Bitcoin, which has been talked about for a while, is seen by investors as Elon Musk. With the decline in Bitcoin, altcoins are also directly affected. After the electric vehicle manufacturer Tesla suspended vehicle sales with Bitcoin, the highest volume unit of the cryptocurrency markets, which fell from its all-time high of $64.500, to 38 thousand dollars with a decrease of more than 35 percent, the total volume in the markets was 1.8 trillion. down to dollars. As of 09.30, Bitcoin prices decreased by 8.21 percent to $39,739.
Musk said on his Twitter account on May 13, “Tesla will not sell anything for Bitcoin. We are considering using Bitcoin for payments if mining operations move to a more sustainable energy. We are also interested in other cryptocurrencies that consume less than 1% of the energy that Bitcoin consumes.” With the effect of the developments, Bitcoin, which fluctuated between $38.854 and $45.812 in the last 24 hours, decreased by 14.44 percent to $38.803, while the weekly loss of the unit was calculated as 32.39 percent. Bitcoin’s total market cap also fell by about $118B to $726B.
The second largest unit of the cryptocurrency markets, Ethereum, fell by 17.66 percent in the last 24 hours, when it fluctuated between $2,880 and $3,562, falling to $ 2,880. The unit’s weekly loss was 32.93 percent, and its market cap was $333B, down nearly $61 billion. The third largest unit of the cryptocurrency markets, Binance Coin, also fell 22.64 percent to $409.37 in the last 24 hours, when it fluctuated between $409.23 and $534.18. The unit’s weekly loss was 39.64 percent and market cap was $62B, down nearly $18B.
With these developments, the total volume in all withdrawn markets, after exceeding $2.5 trillion for the first time on May 7, decreased to $1.0 trillion 816 billion. Total volume in the crypto money markets exceeded the limit of $1.0 trillion on January 7, $ 1.5 trillion on February 15, and $2.0 trillion on April 10 for the first time. Nine of them were among the top 10. Of the 377 markets, where a total of 9,929 cryptocurrencies were traded, 40.5 percent of the total market volume was Bitcoin and 18.6 percent was Ethereum. The 24-hour trading volume in all markets was at the level of $198B.
On the other hand, a statement was made on Binance’s social media account Twitter. In the statement, “Ethereum and ERC20 withdrawals are temporarily disabled due to network congestion. We thank you for your patience and apologize for the inconvenience.” expression was used.
On the other hand, it has been reported that users are having problems accessing the cryptocurrency exchange Coinbase. It was stated that Coinbase could not give some quotations in cryptocurrencies due to the transaction intensity.
After China’s local financial institutions and payment systems were banned from serving cryptocurrencies, there were sharp drops in cryptocurrencies.
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