Bitcoin loses momentum along with other cryptocurrencies

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Bitcoin (BTC) hit another slump last Saturday, May 29 when its trading price dipped at $33,425. It increased after two days and went over the $36,000 mark but failed to maintain its momentum and dropped back to $33k within the next 24 hours. This is a 40% decline so far in the month of May, which is Bitcoin’s biggest slump since 2011.

Meanwhile, Ether (ETC) also dropped to $2,290 as of writing, which is a 17% decline from its latest all-time high of $4,356 last May 12. From the data shown in the news magazine India Today, other popular cryptocurrencies such as XRP (Ripple), Dogecoin (DOGE) and Cardano (ADA) are currently priced at $1.02, $0.41, and $1.73, respectively.

Some factors that affected the volatility of the crypto market is China’s sudden crackdown on cryptocurrency trading and mining farms. On May 21, State Council Vice Premier Liu He announced in a committee meeting their plan to ‘crackdown on Bitcoin mining and trading behaviour’ as a safeguard against financial risks.

Moreover, CEO of Tesla Motors Elon Musk commented on the environmental impact of Bitcoin mining through a Twitter post last May 13, negatively impacting the crypto industry. The electric car company has since removed Bitcoin as a payment option, citing environmental concerns as the reason behind their decision.

The trading price of BTC also declined after a crypto scam alert spread to investors in Dubai as reported by media news site Yahoo! Finance. A cryptocurrency called DubaiCoin (DBIX) gained the attention of many traders when it was dubbed as the ‘official digital currency of Dubai’. Both the Dubai government and ArabianChain denied their involvement with the said digital asset.

The government announced on Twitter last May 28 that DubaiCoin was ‘never approved’ and is clearly a ‘phishing scam’. They warned people that it was a deliberate attempt to steal investors’ personal information. After the incident, large listing platforms like CoinMarketCap have removed this cryptocurrency from their pages.

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Cryptocurrency Market Capitalization
  • bitcoinBitcoin (BTC) $ 54,652.00 5.58%
  • ethereumEthereum (ETH) $ 3,187.93 2.53%
  • tetherTether (USDT) $ 1.00 0%
  • bnbBNB (BNB) $ 401.98 3.38%
  • solanaSolana (SOL) $ 108.87 5.14%
  • staked-etherLido Staked Ether (STETH) $ 3,184.77 2.49%
  • xrpXRP (XRP) $ 0.551358 1.38%
  • usd-coinUSDC (USDC) $ 0.999844 0.03%
  • cardanoCardano (ADA) $ 0.619230 5.32%
  • avalanche-2Avalanche (AVAX) $ 39.17 5.87%

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