Cryptocurrency holders worldwide are in panic as bitcoin, the world's largest cryptocurrency, tanked by close to 40 per cent from its record high levels to US $31,000 on Wednesday, a level last seen in February this year. A week ago, it was trading above $55,000. The other two popular cryptocurrencies -- dogecoin and ethereum have also fallen by 45 per cent and 40 per cent, respectively. Experts blame Tesla CEO Elon Musk's tweets and China's recent action on the crypto front for the great fall. "The combined impact of global sell off, Elon Musk's crypto reassesment and China's action is behind the bitcoin price drop," says Shivam Thakral, CEO, BuyUcoin.

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