Cryptocurrency market down today elon musk's tweet brings hike in the market

 NEW YORK: Even by Bitcoin's standards, Wednesday was pretty wild.

The price of the famously volatile digital currency fell nearly 30% at one point after the China Banking Association warned member banks of the risks associated with digital currencies. The decline narrowed to below 10% in the afternoon, but Bitcoin had still lost about $70 billion in market value in 24 hours.

Bitcoin has lost about 38% of its value since April 13 when it hit a high of more than $64,800, accordin ..

The cryptocurrency market has been witnessing widespread turbulence since the start of this week and Wednesday’s broad-based plunge that sent all cryptos into a tailspin has made investors nervous.

cryptocurrency

While prices of some popular cryptocurrencies like Bitcoin and Ethereum (Ether) staged a comeback on Thursday after the crash, the overall crypto market remains extremely volatile at the moment.

The crash has triggered heavy selling in the cryptocurrency market as investors look to offload their holdings and minimise losses amid the ongoing uncertainty. At the same time, some people have expressed a desire to “buy the dip”, hoping for a rebound in the near future.

Most analysts have said that it is not a good time to invest in cryptocurrencies, considering the high volatility that has battered valuations at the moment. However, some analysts think it may not be a bad idea to buy the dip, given Thursday's rapid rebound.

Cryptos bounce back a day after rout, Bitcoin surges over 19%

A day after cryptocurrency Bitcoin plunged by 30 percent, its value rose by 19.33 percent to $42,107.19 on May 20, according to cryptocurrency trading app Coindesk.com.

Consequently, the market value of Bitcoin stood at $787.99 billion.

Meanwhile, another digital currency Ethereum, developed by Vitalik Buterin, was trading 13.46 percent higher at $2886.63 and with this, its market capitalisation was at $335.51 billion.

Another popular cryptocoin, Dogecoin saw a rise of 11.42 percent and was trading at $0.0414725 with the market cap of $53.72 billion.