Bitcoin tanks below $40,000 for the first time in 3 months

Triggered by Elon Musk’s tweets and remarks on Tesla’s holding of the cryptocurrency, Bitcoin drops down to its three-month lowest of $38,000 on May 19.

As per the latest data on Coinbase (at around 11.30 am), Bitcoin was trading at $38,570.90 (on May 19). This is the cryptocurrency’s lowest level since February 2021 and comes after knocking a peak of $64,895 last month.

It had dipped as much as 5.1% to $42,547 in New York on May 18. Bitcoin’s price traded below $45,000 on May 16 following a tweet by Tesla CEO Elon Musk, who has been a forthright supporter of cryptocurrency, suggesting that the California-based company may be mulling offloading its bitcoin holdings.

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