What's Happening in the Cryptocurrency Market? (May 21)

Here are the cryptocurrency news of May 21, the most up-to-date developments, here are the most appreciating and depreciating cryptocurrencies...

Interest in cryptocurrencies has increased significantly during the coronavirus outbreak. However, investors began to closely monitor the movements of important cryptocurrencies such as Bitcoin, Ethereum and Ripple. The most curious cryptocurrencies by investors; How did Bitcoin, Ethereum, Ripple start the day? The cryptocurrency market is very active with the recent news flow. The statements of US President Joe Biden regarding the changes in the tax law, the CBRT's ban on cryptocurrencies from payments, and the addition of crypto asset service providers to the liabilities section by publishing a new regulation with the presidential decision had a great impact on the cryptocurrency market. On the other hand, the negatively affected cryptocurrency market recovered after US Treasury Secretary Janet Yellen said that interest rates may need to increase moderately to prevent the US economy from overheating due to high government spending. However, Bitcoin, Ethereum and other cryptocurrencies were negatively affected by the decline in the US markets. Despite all this, the main blow came from Tesla founder Elon Musk. Musk announced that due to the it's carbon footprint, Tesla will no longer accept Bitcoin as a payment instrument. The decline that started after this announcement took another blow with Musk's last post. Cryptocurrencies, which started the week in a downward trend but recovered slightly on Tuesday, fell rapidly after China banned Bitcoin and cryptocurrencies. So much so that Bitcoin, the most valuable cryptocurrency in terms of market value, declined to $ 30,000.

How Much Is A Bitcoin?

Bitcoin, which lost up to 10 percent in Friday's transactions, was traded at 37,535.3. This decline was recorded as the biggest decline since May 19. While the loss of BTC, which fluctuated between $ 36,200.0 - $ 42,108.3 in the last 24 hours, was 5.96 percent, it is trading at $ 37,025.7 at the time of writing. However, the market cap of the leading cryptocurrency was $ 693.63B.

What Is The Price of Ethereum?

Ethereum lost 11.63 percent in transactions on Friday. ETH has traded at the level of 2,568.99 in the last 24 hours. This drop was recorded as the biggest daily drop since May 19. With this move, the market cap of the leading altcoin was $ 296.64B, while the ratio of the total cryptocurrency markets value was 17.37 percent. ETH has lost 9.83 percent in the past 24 hours and is currently trading at $ 2,484.91.

What Is The Price of Ripple?

XRP has lost 10.18 percent in the past 24 hours and traded at 1.11065. This was the biggest daily drop since May 19. However, XRP's market capitalization was $ 51.5291B, and its value in the crypto universe was recorded as 2.92 percent. XRP, which was traded at $ 1,02232 at the time of writing, lost 12.25 percent in 24 hours.

How Much Was BTT?

BitTorrent has lost 5.22 percent in the past 24 hours and is trading at $ 0.004021 at the time of writing.

What Is The Price of CHZ?

While the red color continues to dominate the crypto market, Chiliz has lost 9.22 percent and is currently trading at $ 0.277700.

Latest News

China Vice President Lui He Makes a Statement: Bitcoin Is In Decline While the cryptocurrency market was having a tough week, a blow came from China. Bitcoin, which was recovering after a sharp decline on Wednesday, lost value once again after the vice president of China raised the issue of serious restrictions on mining activities. Lui He said, “We will take drastic measures when it comes to Bitcoin mining. We want to continue the stable yuan policy to prevent inflation. On top of that, Bitcoin suffered a sharp crash. Many cryptocurrencies have been affected by the drop in BTC, including Ether.” California Bank Is Preparing To Offer Bitcoin Services Located in the US state of California, Suncrest Bank is preparing to provide Bitcoin services. The bank has begun preparations to offer its customers services such as Bitcoin buying, selling, and custody. Ciaran McMullan, CEO of Suncrest Bank, made a statement to the US press and stated that they took such a step at the intense demand of their customers and said, "The pandemic had a great impact on the transition to the digital world and people accepted this technology."