By Dhirendra Tripathi
Investing.com – The world of cryptocurrencies and blockchain is staging a recovery after Wednesday left it badly bruised.
A 30% to 40% erosion in crypto values is not unusual but coming as it did amid a swirling debate around their stability, use as a store of value and use by criminals left many questioning their continued viability.
There had been much unease in the last few days over Tesla (NASDAQ: TSLA ) CEO Elon Musk’s sudden shifting of allegiance to Dogecoin from Bitcoin, the latter also being the most popular crypto.
With China announcing a clampdown on crypto transactions Wednesday, all hell broke loose and crypto prices plunged, causing much amusement among their skeptics who question their value as a hedge against inflation and their viability against sovereign currencies.
That a CEO’s tweets can cause wild swings in their value has also not helped the cause of the crypto backers.
But Thursday’s comeback will give a huge sigh of relief to its supporters as they seek greater acceptance for the cryptos.
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Crypto companies have to buy to stabilize the price . Price is Easily manipulated .Like 0