The extreme price volatility on Wednesday caused major cryptocurrency exchanges to cease operations and dominate Wall Street.

It plunged 31% in the morning. Soared 33% in the afternoon.

This is the crazy experience of Bitcoin attracting investors on Wednesday, and its value has shrunk by billions of dollars. Then some famous supporters’ comments helped Bitcoin to be promoted in a crazy rebound.

The extreme price fluctuations of an asset known for its turbulence caused major cryptocurrency exchanges to be disrupted and dominate Wall Street. The commotion sparked a tweet by Elon Musk, suggesting that Tesla was not among the sellers, and Cathie Wood said that her display flashed “surrender”, making the numbers Tokens are “sold”. Justin Sun, the technology entrepreneur who created the cryptocurrency platform Tron, said on Twitter that he bought $152 million in bitcoin for about $37,000 in coins.

After 9 a.m. New York time, the token fell into a whisker of $30,000, reducing the loss to 7%, and briefly exceeded $40,000 at 1 p.m. As of 4:30 pm the next day, Ether had fallen by around $39.300, or 9.7%, and it had fallen by more than 40% before cutting it in half.

FRNT Financial CEO and co-founder Stephane Ouellette said: “The history of these assets is full of aggressive rallies and disturbing sell-offs.”

They rarely happen in a single session. On a day when stocks and commodities are also under pressure, volatility dominates Wall Street, and the Federal Reserve (Fed) will release its latest meeting minutes. From Coinbase Global Inc. to Binance, frantic selling on some of the largest exchanges triggered a shutdown. #Cryptotrading is very popular on Twitter, and critics and fans alike have one-tenth of the attention of this rout.

Tesla CEO Musk made a crazy move last week. Bitcoin plummeted when it announced that automakers would not accept payments, but when he stated that the company had no plans to sell its company’s cryptocurrency assets, Bitcoin plummeted. He seemed to suggest in a tweet on Wednesday that Tesla did not sell products.

Tesla has

-Elon Musk (@elonmusk) May 19, 2021

Last week, when Musk withdrew his plan to accept Bitcoin as the company’s car, turmoil broke out in the cryptocurrency field. Sales resumed over the weekend. At the time, the luxurious CEO seemed to suggest that Tesla might want to sell the company’s shares, but after he tweeted that the automaker had no plans to sell, he reversed the situation. A statement issued by the People’s Bank of China on Tuesday reiterated that digital tokens cannot be used as a payment method to increase selling.

Although all the reasons are the most direct cause of this rout, there is nothing to explain the crazy rout on Wednesday morning, when the coin fell thousands of dollars within a few minutes. As investors attract cryptocurrencies to seek quick recourse to exit, the selling gives way to more selling. When Bitcoin fell below its average price in the past 200 days, the sell-off accelerated.

Chart observers pointed out that with the sell-off of tokens, key technical indicators have also been reflected. Bitcoin has rebounded from the $30,000 level, and many people are waiting to see if it can break through the 200-day moving average. If this is not the case, it may retest Wednesday’s low.

Cryptocurrency-related stocks also fell. Coinbase’s stock price fell by nearly 13% at one time, while Marathon Digital Holdings Inc. (Marathon Digital Holdings Inc.) fell as much as 16%.

After Tesla’s announcement in February, Bitcoin started a multi-month rally, soaring to a peak of $64,870, largely due to the company’s support.

Annihilate

At the time, Tesla’s acceptance was hailed as a watershed in the coin, and many cryptocurrency worlds saw it as another step in its development.

After Musk’s heinous tweets, all of this was erased.

Ulrik Lykke, executive director of crypto hedge fund ARK36, said: “In fact, this is not the first time that Elon Musk’s tweets have been unstable. Frankly speaking, this is wrong.” “The cryptocurrency market is extremely emotionally driven. , Their participants tend to overreact to events they consider to be negative.”