Bitcoin and Ethereum Record Worst Low Yet in Months

btc and eth plummet

Bitcoin recorded its lowest price yet since February 3, after falling to $32,974 on Wednesday, as Ethereum also tanked.

Bitcoin Leads Ethereum in Market Dip

The two leading cryptocurrencies dipped 38.12% and 28.2% respectively over a 24 hour period, following a series of unencouraging news barraging the crypto market.

Bitcoin hit $32,864 at 12:03 UTC on Wednesday, its lowest in three months since recording $32,384.23 on February 1. Likewise, Ethereum fell to $2,126.32, after only setting an all time high a week ago.   A lot can happen in a week; especially in the crypto industry. There might be no stronger example of this than recent events.

May began with quite a number of analysts going bullish, not only on Bitcoin, but on the entire crypto market. Following Tesla’s announcement of its acceptance of Bitcoin payments and a couple of others signs of cryptocurrency adoption, the leading digital currency recorded an all time high of $64,829 in April.  Now, at $34,978 at press time, the currency is down by more than 46%.

News like China’s ban on financial institutions from handling crypto business in its country has also contributed to the market dip. The Chinese government restored its 2013 and 2017 bans on financial institutions in the country on Tuesday, prohibiting them from providing services related to cryptocurrency transactions. 

Bitcoin, failing to find an anchor in its one-week nosedive,  closed at $42,909 yesterday. Ethereum closed at $3,370.

Cardano, which had earlier proved immune to the market dip, is down 31.97% on a 24-hour period, according to Coinmarketcap.

PSA: Dear users, please exercise extreme caution during any transactions involving Ethereum and/or ERC-20 tokens as they will be processed with a delay due to the current state of the Ethereum network and extremely high transaction fees.