The renewed drop in the price of Bitcoin and other cryptocurrencies shows the volatility of the means of payment. After a few quieter days, the cryptocurrency market has come under considerable pressure again. Many digital systems lost a double-digit percentage on the morning of June 8, 2021.
With the recent losses, Bitcoin and Ether have moved further away from their recently reached record highs. Bitcoin had hit a record of almost $ 65,000 in April, while Ether was worth well over $ 4,000 in May. On June 8, 2021, the values temporarily fell below $ 33,000 for Bitcoin and $ 2,500 for Ether.
Some market participants consider the recent discovery of Bitcoin ransom by US investigators as the reason for the charge. The digital money comes from a hacking attack on the operator of a large US oil pipeline. Apparently, the success of the investigation has shaken the prevailing impression among Bitcoin proponents that digital currencies are immune to government intervention due to the high anonymity of transactions.
Elon Musk also has his fingers in the game again
Another negative factor among Bitcoin fans is the fickle attitude of Tesla boss Elon Musk towards the currency. While Musk was long considered a great proponent of cryptocurrency, this attitude changed suddenly a few weeks ago. Among other things, the multi-billionaire criticized the high energy consumption of the Bitcoin network and revised the Bitcoin-friendly course of the car manufacturer Tesla.
The Internet activists at Anonymous recently attacked Elon Musk sharply because of his repeatedly published tweets with Bitcoin content and threatened the multibillionaire. Musk would have “destroyed lives with his news“ by devaluing retail investors’ financial reserves through his news.