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2 years ago

May 10, 2022

CLare Dominic

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Bitcoin price plummets below $ 40000, The price of the bitcoin has gone into a free fall. On Wednesday, the value of the largest digital currency dipped below 40,000 dollars (almost 33,000 euros), while the currency reached a record price of 64,895.22 dollars last month. Criticism from Tesla CEO Elon Musk and a repeat of the Chinese government’s decision to restrict the use of cryptocurrencies caused a sharp decline in recent days.

The price of the bitcoin had been on a strong rise since the autumn. For example, the coin was worth about 10,000 dollars in September and already more than 55,000 dollars in February. After that, the price fluctuated and even exceeded 60,000 dollars.

However, the value of bitcoin dropped by more than 12 percent in the past 24 hours, according to CoinMarketCap. This website follows various platforms on which cryptocurrencies are traded. The currency is now at its lowest point in more than three months.

Bitcoin price plummets below $ 40000

The fact that Musk said last week that he will no longer accept bitcoins as a means of payment for the cars that his company Tesla markets, did not do the value of the coin any good. According to the multi-billionaire, the system behind the coin is not environmentally friendly enough.

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On Tuesday, a statement from the Chinese central bank was added, which reiterated that financial institutions in the country are not allowed to offer services for cryptocurrencies. In addition, China warned against speculative trading in digital coins.

Ether, the second largest digi coin, also lost much of its value in recent days. The price temporarily dropped below 2,900 dollars on Wednesday, where the currency was still worth almost 4,200 dollars at its peak last week.