Cryptocurrencies crumble, investors are anxious

Bitcoin has plunged 31%, losing billions of dollars in value before rebounding by 33% hours later. But the digital coin is still down significantly when compared to a week ago.

It’s been a big couple of weeks for the crypto market after Tesla’s Elon Musk tweeted that the car manufacturer would no longer accept Bitcoin as payment.

Following this, the People’s Bank of China also warned consumers against using digital currencies for transactions.

But Bitcoin wasn’t the only currency that fell, with Ethereum and Dogecoin also suddenly collapsing.

Michele Shnider from Marget Gage says the volatility right now is unstable, as investors continue to sell off their coin.

“This is some kind of blow-off sell-off”

The price of the top five cryptocurrencies were all down by double-digit percentages and the cryptocurrency market has dropped by around $700 billion in value over the past week.