Bitcoin and Dogecoin Prices Tumble as Investors Sour on Cryptos

Bitcoin and Dogecoin Prices Tumble as Investors Sour on Cryptos

Bitcoin, dogecoin and other cryptocurrencies plunged in value on Wednesday as investors soured on the speculative bets that have soared in popularity this year.

Bitcoin’s price tumbled as much as 26% since 3 p.m. ET Tuesday, dropping to as low as $30,201.96, its lowest since January, according to CoinDesk.

The recent price fall has accelerated after three Chinese entities published a statement that financial institutions shouldn’t accept virtual currencies for payment or provide services using them. Digital assets had already come under fire in recent days, catalyzed by a tweet by Elon Musk that Tesla Inc. would no longer accept bitcoin as payment due to concerns about its carbon footprint, and another that led to speculation Tesla had sold down its bitcoin holdings.