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Crypto Crash: Why Are So Many Cryptocurrencies Down Today?

A crypto crash is underway with several of the most popular cryptocurrencies taking a beating.

Image of cryptocurrency tokens in a wallet.

Source: stockphoto-graf / Shutterstock.com

To start off with, let’s take a look at some of the cryptos being affected by today’s crash.

  • Bitcoin (CCC:BTC-USD) is falling more than 9% today.
  • Ethereum (CCC:ETH-USD) is decreasing more than 9% as of this writing.
  • Ripple (CCC:XRP-USD) is dropping over 5% of its value today.
  • Stellar (CCC:XLM-USD) is seeing a 8% decline.
  • Dogecoin (CCC:DOGE-USD) is down more than 12% today.

So why is a crypto crash taking place today? Tesla (NASDAQ:TSLA) CEO Elon Musk has to take some of the blame for cryptocurrencies falling on Thursday.

Musk announced on Twitter (NYSE:TWTR) that Tesla is no longer accepting Bitcoin for payments. He said this decision was made in connection to the effect mining and transactions of the crypto have on the environment.

According to Musk, Tesla will continue to hold the Bitcoin it already has and won’t sell it. He said that BTC has a promising future but that it can come at the cost of the environment.

Of course, Musk is taking all the blame for the crypto crash today. Vitalik Buterin, the co-founder of Ethereum, is also behind some of the fall cryptocurrencies are seeing.

Buterin recently moved more than $2 billion worth of crypto and it spooked investors. That includes $1 billion worth of crypto tokens inspired by Dogecoin being donated to the India Covid Relief Fund.

In addition to that, Buterin also moved $1.3 billion worth of Ethereum from his public address to a separate wallet. That caused worry among ETH investors that the co-founder was about to trade to crypto for cash.

More Thursday Crypto News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/05/crypto-crash-why-are-so-many-cryptocurrencies-down-today/.

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