After a major decline in the value of most cryptocurrencies, the digital assets look more or less stable today. Over the last week, most cryptocurrencies Bitcoin, Dogecoin, Ethereum, XRP and others nosedived.
Bitcoin is trading at $38,024.25 at 11.50 pm IST (on May 24). Meanwhile, the 24-hour high and low of the popular cryptocurrency was $38,727.73 and $32,306.09 respectively. On May 19, the popular cryptocurrency plunged to a low of $30,201.96. The market valuation of BTC was at $669.44 billion. Today, the value of Bitcoin is at $715.38 billion, according to Coindesk.
At 12.07 am IST (on May 25), Ethereum was traded at $2,594.19, up by 35.36 per cent in the last 24 hours. On May 19, Ethereum dipped to $1,902.08. At 12.07 am IST (on May 25), Dogecoin was trading at $0.33, an increase of 15.86 per cent in a 24 hour period.
Days after cryptocurrencies crashed, billionaire entrepreneur Mark Cuban called the crash the "Great Unwind”. Now, with cryptocurrencies trading in green, his statement makes sense.
Last week's crash started with Elon Musk who stated that electric vehicle maker Tesla will not accept bitcoin as payment. This was after he had conducted a poll on Twitter asking if Dogecoin should be accepted as payment. Despite the majority favoring acceptance of Dogecoin, he said Tesla will not.
This event was followed by China saying it is banning financial institutions and payment companies from providing services related to cryptocurrency transactions.