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The strong sell-off on the crypto market intensified massively on Wednesday afternoon: the Bitcoin price collapsed by more than 28 percent to 30,681.50 US dollars and thus reached its lowest level since January. It was only early in the morning that it slipped below the $ 40,000 mark for the first time since February. From its record high of 64,863 dollars reached in April, the price has more than halved.

In the late afternoon, according to data from Coinmarketcap, it was last 20 percent in the red at $ 34,600. All other crypto currencies were also under massive pressure: Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), XRP and Polkadot (DOT) all collapsed between 25 and 35 percent in the afternoon. Dogecoin (DOGE) fell 30 percent in line with the overall market.

The Ethereum cryptocurrency Ether has now fallen below $ 2,000, after having passed the $ 3,000 mark for the first time in the past two weeks and then exceeded $ 4,000.

Clearly positive annual performance continues

Despite the price slump, all the coins mentioned will continue to show a positive annual performance for 2021 - Ether is still 220 percent up since the beginning of the year. At BNB, the price increase since the turn of the year is still 690 percent despite today's slump - and at Dogecoin even more than 5,000 percent.

The sell-off also left its mark on the stock market: Coinbase shares fell 10 percent to a new low of $ 216 in the first few minutes of trading in New York.

Musk statements initiated a change of mood

There was no immediate trigger for the strong sell-off on Wednesday. In the previous week and on the weekend, statements by Tesla CEO Elon Musk had clouded market sentiment. He had first announced that the electric car manufacturer would no longer accept Bitcoin payments. This option was only introduced in the US in March. In the days that followed, Musk followed up on Twitter with several pointed critical statements about Bitcoin, suggesting, among other things, that the company could sell its Bitcoin holdings. In the crypto scene, Musk's statements sparked controversial discussions.

Other messages were also received negatively: For example, the Chinese authorities reiterated a warning to financial institutions not to do business with cryptocurrencies. Many observers pointed out, however, that the market - especially for altcoins - was generally already running hot - and negative news is then often used as a welcome opportunity to sell off.

Disclaimer:This text as well as the notes and information do not constitute tax advice, investment advice or a recommendation to buy or sell securities. They are for personal information only and only reflect the opinion of the author. No recommendation is made for a specific investment strategy. The contents of are aimed exclusively at natural persons.