Why are cryptos falling?
After topping $64,000 in April last year, bitcoin has struggled to reclaim its all-time highs since then following a series of events. It came under pressure in May after tech billionaire Elon Musk, who has driven traders into frenzies by mentioning cryptos at times, said Tesla will stop using Bitcoin as a form of payment over concerns of the cryptocurrency's impact on fossil fuels.
Since then, cryptos have gyrated as coins such as ethereum typically to move in tandem with bitcoin.
In early February, bitcoin fell further amid concerns of its use in the Colonial Pipeline ransomware attack.
Bitcoin, for instance, briefly touched $40,000 this year and fell again after China's central bank deepened a crackdown on cryptocurrencies. China's central bank said it ordered some banks and payment firms, including China Construction Bank and Alipay, to crack down further on cryptocurrency trading.
Since then, cryptos have gyrated as coins such as ethereum typically to move in tandem with bitcoin.
In early February, bitcoin fell further amid concerns of its use in the Colonial Pipeline ransomware attack.
Bitcoin, for instance, briefly touched $40,000 this year and fell again after China's central bank deepened a crackdown on cryptocurrencies. China's central bank said it ordered some banks and payment firms, including China Construction Bank and Alipay, to crack down further on cryptocurrency trading.
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