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Bitcoin Plummets to Below $40K
The world’s largest cryptocurrency by volume has dropped in a month nearly 40% from its all-time high.
By James Rubin
Updated Sep 14, 2021, 12:57 p.m. Published May 19, 2021, 5:32 a.m.
Bitcoin continued its month-long swoon Tuesday night, dropping below $40,000 for the first time since early February.
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- The cryptocurrency was trading around $39,678 as of 05:29 UTC (1:29 a.m. ET) – a more than 12% drop over the previous 24 hours.
- Bitcoin’s 24-hour price ranged from a low of $38,960 to a high of $45,850.
- Bitcoin has fallen nearly 40% since its high of over $64,000 in February.
- Other major cryptocurrencies continued to fall, too. Ether dipped below $3,000 for the first time since May 2, although it had regained this threshold as of 01:29 UTC.
- Joe DiPasquale, the CEO and founder of BitBull, a cryptocurrency hedge fund, said bitcoin’s volatility this year is consistent with its history of “higher highs and higher lows.”
- He called the “fall in price ... a natural consolidation period that we see as necessary for the support lines to form for future appreciation.”
Read more: Now’s the Time to Bet on Volatility in Bitcoin and Ether Markets: Options Experts
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Bitcoin's massive underperformance to stocks in Q4 bodes well for January, says K33's Lunde
After an active morning Tuesday, bitcoin flattened out in afternoon trading around the $87,500 area, up 2% over the past 24 hours.
What to know:
- Bitcoin held in the $87,500 in U.S. afternoon action on Tuesday, up 2% over the past 24 hours.
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