1. What’s behind the crypto market crash?
The crypto market crashed, dipping to a market cap of US$1.3 trillion at one point.
Image: Envato Elements
By the numbers: Bitcoin over 5,000% increase in Google search volume.
Bitcoin has fallen to below US$40,000 for the first time since Feb. 8 when Tesla announced a US$1.5 billion Bitcoin purchase. But Bitcoin isn’t alone the entire crypto market has been sinking, shedding a trillion dollars in total market cap in just a week.
A series of events contributed to crypto’s downward spiral. One of the triggers appears to be Elon Musk announcing that Tesla would no longer accept Bitcoin as payment for its electric vehicles.
Cryptocurrency Landscape
Virtual currency is not just here, it s hot. The asset class
seems to have no boundaries; a recent rise has pushed the market
value of bitcoin alone to $1 trillion. No longer a fad,
the new age of digital currency is seeing payment companies, asset
management funds, financial institutions, luxury products, and
industrial companies pushing it into the mainstream by trading in,
investing in, and issuing virtual currency, and shifting cash into
virtual currency around the globe. Governments are not far behind,
with dozens of central banks around the world exploring the idea of
issuing and using digital versions of their nations fiat