Today, most of the “crypto” currencies have fallen at huge rates, exceeding 11% for some of them, and Bitcoin led those declines.
وهوت Bitcoin Friday, to its lowest level this week, bringing losses from a growing campaign against it in China and environmental concerns to nearly 40 percent since the start of the month.
The major cryptocurrencies added to their previous losses, and fell 8.2% to reach 35 thousand and 339 dollars “as of writing,” as it remained in a relatively narrow trading range this week.
Bitcoin was down 6.2% in trading.
Bitcoin lost 37% of its value in May, and this would be its worst monthly performance since September 2011 if it continued at the same pace.
China and currency mining
It was pushed back by China’s efforts to crack down on crypto-mining and cryptocurrency mining, along with Tesla’s move to stop receiving payments for it over energy concerns.
However, Bitcoin has gained around 3% this week, trading is taking place around the clock and seven days a week in cryptocurrency markets, and volatility is common on weekends.
Smaller cryptocurrencies, which usually rise and fall with Bitcoin, also fell, and the second largest digital currency, Ethereum, fell by as much as 11%, reaching its lowest level in four days.
The operators obtain cryptocurrencies by using powerful computers to solve complex mathematical operations.
Virtual currencies around the world recorded, last Sunday evening, a historic decline in their market value, compared to their highest recorded level.
Virtual currencies closed Sunday’s transactions at a market value of $ 1.5 trillion, compared to the highest historical level recorded in the transactions of April 16, which amounted to $ 2.519 trillion at the time.
A few days ago, the virtual currency market witnessed the introduction of a new currency called “STOPELON”, as one of the tools for pressure on Elon Musk to stop manipulating virtual currencies around the world.
The StopElon coin is currently trading at $0.0001 with a market capitalization of about $25 million, according to data from an online digital trading platform.
The new cryptocurrency, “STOPELON”, saw prices rise by about 5,000% in one day, the first day of trading, as the currency aims to stop the manipulations of Elon Musk, who claims to be manipulating the crypto market.