Bitcoin Sinks After Setbacks

Elon Musk and the Chinese government seem to have teamed up in order to bring Bitcoin prices down. After tweets by the Tesla CEO upset cryptocurrency markets over the weekend, China announced on Wednesday that its financial institutions and payment companies were now prohibited from providing services related to cryptocurrency transactions.

Musk's tweets, which ended Tesla's acceptance of Bitcoin as payment over its carbon footprint, caused the currency to lose 10 percent of its May 15 value in just two days. After the Chinese announcement, another 10 percent has vanished, resulting in the price for one Bitcoin now standing at only around $40,000 - a three-month low.