The price of bitcoin fell yesterday, Wednesday, to $ 30,415, according to data from Queen Gekko.

Most altcoins followed the trend of Bitcoin as well, with up to $500 billion wiped out from the entire market in less than one day.

Several people blamed the sell-off on news of another bitcoin ban in China, although that’s not quite what happened.

The ban isn’t new, but last Tuesday, a group of Chinese banking and payments associations repeated the same bans and warnings in place since 2017, and China’s central bank re-shared its warning on social media.

It could be argued that Tesla and SpaceX CEO Elon Musk started the Bitcoin downtrend last week when he abruptly rescinded Tesla’s acceptance of Bitcoin as a payment tool, citing environmental concerns.

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Musk has continued to tweet criticism of Bitcoin over the past few days, while touting Dogecoin as a potential, more sustainable alternative.

This massive sale inevitably sparked new waves of criticism of cryptocurrencies from the old media and financial institutions, allowing Bitcoin skeptics to take comfort in criticism and sarcasm.

Luis de Guindos, Vice President of the European Central Bank, stated that cryptocurrencies are not a real investment.

In an interview with “Bloomberg”, de Guindos added in his statements by saying:

Cryptocurrency is an asset with very weak fundamentals and will be subject to a lot of volatility.

But in the midst of the chaos, members of the crypto community remained unfazed by the fluctuations they were accustomed to.

Nick Carter, co-founder of Castle Island Ventures and co-founder of Coin Metrics, has framed bitcoin’s volatility as an endemic feature in this asset class, reflecting future adoption trends.

He also believes that while Musk’s recent comments on Bitcoin played a role in the recent crash, this is certainly not the only reason.

Read:Addresses owning at least 0.1 BTC surge to a 4-month high…what does that mean?

Katie Wood of ARK Investments, a prominent bitcoin believer (whose company has also championed the energy use of bitcoin), took the opportunity to buy more shares in two of the biggest bitcoin-related stocks:

(Currency) and (TSLA).

By Thursday, Bitcoin had begun to recover from yesterday’s crash, and is currently trading at around $42,000 at press time.

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