Bitcoin tumbled for a fifth-straight day, putting the largest cryptocurrency on track for its worst month in more than three years and leading a full-flown retreat from digital-asset markets.
At press time, bitcoin (BTC) was changing hands at around $38,500, after dropping below $31,000 earlier Wednesday. The price was down 9.8% since 0:00 coordinated universal time (8 p.m. ET Tuesday). As recently as April, the price had hit an all-time high of close to $65,000.
The latest crash shook out bullish leverage from cryptocurrency derivatives markets, leading to more than $8 billion in position liquidations due to margin calls.Soyurce: ca.finance.yahoo
This month’s Bitcoin tumbled was only made more quick and severe by the recent tweets from Tesla CEO Elon Musk, who terminated his company’s acceptance of BTC as a form of payment because he had concerns for how bitcoin mining is impacting our environment.
🌱 It was hailed as a victory for environmentalists…— Telegraph Technology Intelligence (@TelegraphTech) May 14, 2021
This week, @elonmusk said Tesla would stop accepting vehicle purchases using #Bitcoin due to climate concerns – and it’s a U-turn that could have big consequences for the crypto world (a #thread 👇) https://t.co/QkEuqb1ETg
But as reported in CoinDesk, blockchain data showed that Bitcoin has been declining recently.