Bitcoin price plummets below $30,000, with ETH and DOGE following suit.
As cryptocurrencies fail to rebound from China’s mining crackdown, BITCOIN has fallen below $30,000.
Several cryptocurrencies fell sharply yesterday when Chinese officials cut power to Sichuan, one of the country’s main Bitcoin mining areas. This now appears to be a reason in Dogecoin’s 26 percent drop to $0.206120 in the last 24 hours. According to CoinDesk, Bitcoin has plummeted 8.26% to $32,484.73.
Users on social media are now urging the Tesla and SpaceX billionaire to make a Tweet about the currency in the coming days to help it recover.
It comes after the currency soared substantially last month when he made a joke about it ahead of his performance on Saturday Night Live in the United States.
“Elon Musk better have some pretty excellent Doge tweets ready,” Saladaz, a user who identified himself as “financially retired” after getting into Bitcoin in 2016, remarked on Twitter.
This was accompanied by an emoji of a worried face.
“Hey Elon Musk,” another person hastily wrote. We urgently require your assistance for Dogecoin.”
“Elon Musk, send it!” said a third. Doge isn’t going anywhere.”
They also included a funny meme of Mr Musk dressed as Rafiki, the Lion King’s monkey, holding up the Doge image in the same way as the character did with Simba.
In the year 2013, Dogecoin was founded as a joke.
It also has a Shiba Inu dog emblem that is happy.
Mr Musk tweeted a Dogecoin meme along with the words “SNL May 8” when he was a guest host on the US sketch program last month.
Dogecoin’s value increased by 50% in a week as a result of this reference.
The UK’s markets watchdog has warned that 111 unregistered crypto asset firms pose a threat to the financial system, and that customers should avoid interacting with them through banks and payment service providers.
The Financial Conduct Authority’s (FCA) head of enforcement and market oversight, Mark Steward, has cautioned that these businesses are high-risk, volatile, and unregulated.
“We have a lot of firms that are definitely doing business in the UK without being registered with us and they are dealing with someone: banks, payment services firms, consumers,” he said at City & Financial’s City Week event.
“We are concerned because this is a very genuine threat.”
As a result of the massive. “Brinkwire Summary News,” Bitcoin’s price has soared again beyond $32,000.