‘Dip keeps dipping’: Cryptocurrency tumble sparks a meme fest on Twitter
- Bitcoin fell more than $500 billion in value from the coin’s peak market value
- Tesla had announced that it will no longer accept Bitcoin as a form of payment
- Ethereum tanked more than 40%
After Bitcoin declined almost 30% to $31,000 and Ethereum tanking more than 40% on Wednesday, global stocks and digital coins faced the pressure with a possible threat of inflation.
Bitcoin fell more than $500 billion in value from the coin’s peak market value and slipped below a key 200-day moving average. While many investors faced heavy losses, Chinese restrictions and Tesla’s decision to no longer accept Bitcoin as payment playing major factors, Netizens sparked a meme fest on Twitter.
Tesla had started accepting Bitcoin for payment in February 2021 after owner Elon Musk bought $1.5 billion of Bitcoin shares, which sent the price of both Tesla and Cryptocurrency flying. But, citing environmental reasons, the carmaker decided to no longer accept Bitcoin. The People’s Bank of China also said that cryptocurrencies will not be accepted as a form of payment.
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