Bitcoin Drops 20% in 24 Hours,
Hitting Lowest Level Since Feb. 3.
On May 19, Bitcoin fell below $37,000 for
the first time in over three months.
According to Coinbase,
Bitcoin has dropped
over 30% in the last week.
Since hitting a record high of $64,829 in mid-April, it's down about 44%.
Much of the drop is likely due to Elon Musk withdrawing his support for the cryptocurrency over environmental concerns. .
Much of the drop is likely due to Elon Musk withdrawing his support for the cryptocurrency over environmental concerns. .
On May 18, China banned financial institutions and payment companies from conducting virtual currency-related business.
Other cryptocurrencies have also taken a hit.
As of May 19, both Ether and Dogecoin
dropped over 30%.
As of May 19, both Ether and Dogecoin
dropped over 30%.
Regardless of the downward trend, Bitcoin is still up about 300% in the last 12 months