Cryptocurrency Market Loses $1 Trillion in Capitalisation, as BTC, Ethereum Sustain Heavy Losses

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The crypto market had seen a bullish trend since the start of the year, but sustained major losses last week that are believed to have been driven by comments made by tech mogul Elon Musk on social media. The businessman announced that Tesla would no longer be accepting Bitcoin due to its impact on the environment when being mined.

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Bitcoin, Ethereum, LiteCoin, and practically every other cryptocurrency (including the meme-driven Dogecoin) sustained heavy losses during trading on 19 May. Bitcoin had lost some 12.47% by 16:00 GMT, but dropped as low as 32,600 per token, losing nearly 24% by around 13:00 GMT. Ethereum fared even worse, losing 39.41% day-on-day by around 13:00 GMT, but just like Bitcoin, it partially rebounded, reducing the losses to 18.57% by 16:00 GMT….

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