Business
Bitcoin price halved in one and a half month
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The world biggest and most famous cryptocurrency Bitcoin dropped 30% on Wednesday. This has caused panic related to cryptocurrency all over the world. In India, the business of cryptocurrency exchange has shut.
Experts say that this fall is due to the tweet by Elon Musk and China’s prosecution on Cryptocurrency. Along with bitcoin, ethereum and dogecoin has seen a major fall too, 45% and 40% respectively.
Since April bitcoin’s price has halved. On Wednesday the bitcoin dropped to 31,000 USD and just a week ago it was being bought and sold at 55,000 USD.
Last April, bitcoin was recorded at only 6,000 USD and this year around the same time, it touched 60,000 USD. It means bitcoin increased 10x in a year.
Even on India, the impact of this fall has been profound. On Wednesday, both the Crypto traders of India WazirX and CoinDCX has so much traffic that they shut down.
The reason was that some people were withdrawing all their money form Bitcoin because of the fall and others were buying more seeing it a good opportunity to invest at a low price.
