Bitcoin fell to almost $30,000 on Wednesday to extend its losses that started last week. The price of the world’s biggest cryptocurrency has now fallen more than 50% since its record high of $64,829 reached in April.
Wednesday’s fall in bitcoin means it has now lost all the gains it made since Tesla announced a purchase of $1.5 billion of the digital token earlier in the year.
Ethereum, the world’s second largest cryptocurrency, also plunged more than 30% to trade below the $3,000 mark
Recently listed crypto exchange Coinbase also reported outages for some of its users on Wednesday as digital coins plunged.
The plunge in cryptos follows comments by Tesla’s Elon Musk to suspend purchases of its cars using bitcoin on environmental concerns of the mining process.
Chinese authorities also warned against using digital tokens for transactions, adding pressures to the crypto boom.
Major cryptocurrencies are currently declining. BTCUSD is down 12.66%, ETHUSD is down 22.19%
