Is that the end of the big cryptocurrency hustle and bustle?

In any case, on the night of Wednesday, the Bitcoin price slipped below the $ 40,000 mark.

The center of the crypto world, at the same time the oldest and the one with the largest volume, has lost more than 30 percent of its value within eleven days.

In mid-April it was still $ 63,530.

Martin Hock

Editor in business.

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    What worries crypto supporters is that China has now clearly positioned itself against cryptocurrencies.

    The Chinese central bank had once again emphasized that digital currencies should not be used as a means of payment.

    Since this is just a repetition of an already known point of view, it might not have been that bad.

    But it comes at an inopportune time.

    Because a few days ago, Tesla boss Elon Musk had already sent the course clearly downhill with statements.

    Musk had only triggered a price increase at the end of February with the statement that Tesla used Bitcoin as a means of payment and had invested in it.

    However, after Tesla reported that they would no longer accept Bitcoin and Musk criticized the currency's environmental balance, and then seemed to indicate over the weekend that Tesla had sold part of its Bitcoin holdings or was still planning to do so, some things came together that made the Bitcoin- Course now almost drops into the abyss.

    By the way, Musk denied on Monday that Tesla had made further sales.

    However, the company had given up part of the inventory in the first quarter.

    The end of the crypto bull market?

    For the crypto disciples, this borders on treason and they let Musk feel it too. Opinions differ on the entrepreneur. His extroverted, often controversial demeanor, especially on social media, has made him something like the enfant terrible of the established business world and the revolutionary hero of technology disciples who transferred their own uncritical attitudes to him.

    The same applies to China, which they have repeatedly seen as the model for the introduction of crypto currencies. Elsewhere, people are not really that surprised, says Adam Reynolds, Asia-Pacific director of derivatives trader Saxo Markets for Bloomberg news agency. Buying cryptocurrencies threatens the effectiveness of Chinese capital controls. So it is essential to avoid using them in the country. The government can only use a digital currency that it controls itself. It is no secret that in China, especially under Secretary General Xi, it is ultimately only about power.

    The industry is trying to appease: they just wanted to be careful, Bobby Lee, founder of crypto custodian Ballet, told Bloomberg.

    They had the impression that the market was overheating and that they only had the best of the people in mind.

    Of course, you don't know whether this will (once again) be the end of the crypto bull market.

    But at least it is the end of the most recent spike in speculation that began in mid-December.