IMPACT OF CHINESE GOVERNMENT AND ELON MUSK TO BITCOIN

Bitcoin has recently taken a beating. Following Elon Musk's announcement that Tesla will no longer support BTC, the world's largest cryptocurrency plunged 32% in value. Over the course of a month, much of the decline happened slowly. However, today saw an especially sharp drop after the Chinese government declared that crypto trading by banks and institutions would be prohibited. China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.
It was China’s latest attempt to clamp down on what was a burgeoning digital trading market. "Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement" three industry bodies said in a joint statement on Tuesday.
"Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order" they said in the statement.
China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies.
On Sunday, the price of bitcoin dropped to nearly half of its all-time high after China declared yet another crackdown on cryptocurrency mining.