Bitcoin Slips Below $40,000 For First Time Since February, Know Reasons Behind This Fall
ABP NewsThe world’s biggest cryptocurrency, bitcoin, which remained under pressure for some time now has nosedived below the $40,000 level for the first time since 9 February after China extended the ban on financial and payment institutions for dealing in digital assets and warned investors against speculative crypto trading. Elon Musk tweets also hit bitcoin The downward trend in bitcoin has been majorly prompted by Tesla and SpaceX founder Elon Musk's realization that cryptocurrencies are "energy-intensive" i.e. The price of the world's largest cryptocurrency bitcoin slipped last week from almost 54,819 to $45,700, its lowest since March 1, within a span of less than two hours following the tweet by Tesla CE Elon Musk saying the company had stopped accepting bitcoin to purchase its vehicles citing climate concerns. On May 18, prices dropped over 8 percent after Musk's Twitter exchange sparked speculation that the electric carmaker may have dumped or is planning to dump its entire bitcoin holding.