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Low prices of digital currencies, what is the reason for this?

 

Transaction fees for Bitcoin and Ethereum have fallen by 81% and 71%, over the past few weeks.


As the cryptocurrency market continues to decline from its all-time high.


One of the main reasons for this drop was Elon Musk's comments and tweets.


Elon Musk's latest comment came in a tweet clarifying the speculation, “Tesla did not sell any Bitcoin.”.


After this tweet, BTC bounced $ 2,000 at around 6:00 UTC on Monday.


We noticed how the Bitcoin price fell over the weekend, reaching its lowest level in three months below $ 43,000.


And early Monday morning UTC.


The price of the world's largest cryptocurrency by market cap has fallen by more than 10% in 24 hours.


The price began to drop from the moment Tesla CEO Elon Musk said on Twitter that Tesla had suspended accepting Bitcoin as a method of payment.


Bitcoin is currently trading at around $ 43,300 at the time of writing, having reached $ 42,141 on Coinbase Pro.


That is, the price fell by more than 30% from its all-time high of about $ 64,000.


Data from CoinGecko shows that it is currently trading at the lowest point since early February.


Reasons for the low price of Bitcoin:

The price started to fall more when Musk on Twitter hinted that Tesla might sell the rest of its bitcoin holdings.


Despite its announcement last week, the company still maintains it.


Musk's latest response to Twitter came after an increasing level of criticism by Crypto Twitter, due to his adverse stance toward Bitcoin in recent times.


This included Musk's concern about the energy issue in bitcoin mining, which led Tesla to suspend Bitcoin as a method of payment.

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