The crypto currency market saw a big correction with prices of major currencyes including Bitcoin, Etherium, BNB and others crashing as much as 30% whith in 24 hours. This came in the backdrop of Chinese regulator's announcing a crack down on crypto currencyes.
Chaina has barred financial institutions and payment companies from provid any services related to crypto currency transactions. This means that banks and online payments channel must not offered clients any service involving crypto currencyes such as registration, trading, clearing and settlement.
Tesla recently announced that it wouldn't favour bitcoin on environmental concerns because bitcoin mining requires electricity which is mostly generated using fossil fuels. However, this seems to be motivated and raises a few questions like didn't the Tesla management already know about Bitcoin maining before diversifying into it.
A crack down by one of the world's biggest economy not with standing, Those in the ecosystem has termed this decline as a short - term currection. A nearly 40% dip in the bitcoin price from its all time high look dramatic but is normal in many vola markets, including crypto, especially after such a large rally.