{"id":114557,"date":"2021-05-19T05:16:46","date_gmt":"2021-05-19T05:16:46","guid":{"rendered":"https:\/\/fin2me.com\/?p=114557"},"modified":"2021-05-19T05:16:46","modified_gmt":"2021-05-19T05:16:46","slug":"bitcoin-drops-below-40000-for-the-first-time-in-14-weeks-but-a-bottom-could-be-near","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/bitcoin-drops-below-40000-for-the-first-time-in-14-weeks-but-a-bottom-could-be-near\/","title":{"rendered":"Bitcoin drops below $40,000 for the first time in 14 weeks, but a bottom could be near"},"content":{"rendered":"<ul>\n<li>Bitcoin fell over 13% to hit an intraday low of $38,585.86 at around 12:54 a.m. ET, according to CoinDesk data. That was the lowest level since Feb. 9, the last time it dropped below $40,000.<\/li>\n<li>Bitcoin is off about 39% from its all-time high of $64,829.14 which was hit in mid-April.<\/li>\n<li>Tesla&#x27;s decision on May 12 to suspend vehicle purchases using bitcoin caused over $300 billion to be wiped off the cryptocurrency market.<\/li>\n<li>On Tuesday, three Chinese banking and payment industry bodies issued a statement warning financial institutions not to conduct virtual currency related business.<\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>BTC.BS=-USS<\/span><\/li>\n<\/ul>\n<p>Bitcoin fell sharply on Tuesday continuing a major sell-off that began a week ago.<\/p>\n<p>The digital currency fell over 13% to hit an intraday low of $38,585.86 at around 12:54 a.m. ET, according to CoinDesk data. It was the lowest level since Feb. 9, the last time it dropped below $40,000.<\/p>\n<p>Negative news over the past week has dampened sentiment for bitcoin.<\/p>\n<p>On May 12, Tesla CEO Elon Musk said the electric carmaker had suspended vehicle purchases using bitcoin, citing environmental concerns over the so-called computational &quot;mining&quot; process. This is where high-powered computers are used to solve complex mathematical puzzles to enable transactions using bitcoin.<\/p>\n<p>Musk&#x27;s comments caused over $300 billion to be wiped off the entire cryptocurrency market that day.<\/p>\n<p>The announcement to suspend bitcoin payment came just three months after Tesla revealed that it bought $1.5 billion worth of bitcoin, and would start accepting bitcoin in exchange for its products.<\/p>\n<p>Early this week, the Tesla CEO clarified that the company has &quot;not sold any Bitcoin.&quot;<\/p>\n<p>Then on Tuesday, three Chinese banking and payment industry bodies issued a statement warning financial institutions not to conduct virtual currency related business, including trading or exchanging fiat currency for cryptocurrency.<\/p>\n<p>China&#x27;s hard line on digital currencies is not new. In 2017, authorities shut down local cryptocurrency exchanges and banned so-called initial coin offerings (ICOs), a way for companies in the space to raise money through issuing new digital tokens.<\/p>\n<p>Traders in China once accounted for a huge share of the bitcoin market but after the crackdown, their influence was reduced significantly. Chinese cryptocurrency operations have moved abroad.<\/p>\n<p>Bitcoin is still up over 40% year-to-date and 320% in the last 12 months.<\/p>\n<h2>Close to a bottom for bitcoin?<\/h2>\n<p>Bitcoin is off by about 39% from its all-time high of $64,829.14 which was hit in mid-April.<\/p>\n<p>Vijay Ayyar, head of business development at cryptocurrency exchange Luno, said that a 30% to 40% pullback is &quot;normal&quot; during bitcoin bull markets.<\/p>\n<p>&quot;So this is very much expected after we topped out at 64K ($64,000),&quot; he said.<\/p>\n<p>Ayyar pointed to a roughly 35% correction in January as well as similar falls during the huge run-up in bitcoin&#x27;s price in 2017.<\/p>\n<p>&quot;We are definitely close to a bottom&quot; around $38,000 to $40,000, he said.<\/p>\n<p>Bitcoin bull Mike Novogratz told CNBC on Tuesday that he sees $40,000 as a buying level for the digital currency. The investor, who runs cryptocurrency financial services and investment management Galaxy Digital, said he expects bitcoin to consolidate in a trading range between $40,000 to $55,000.<\/p>\n<p>&quot;Then we&#x27;ll have another leg up. And I say that not just by guessing. We see institutions moving in, and it takes them a while,&quot;\u00a0Novogratz said.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/05\/19\/bitcoin-btc-price-plunges-but-bottom-could-be-near-.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin fell over 13% to hit an intraday low of $38,585.86 at around 12:54 a.m. ET, according to CoinDesk data. That was the lowest level [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":114556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin drops below $40,000 for the first time in 14 weeks, but a bottom could be near - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/bitcoin-drops-below-40000-for-the-first-time-in-14-weeks-but-a-bottom-could-be-near\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin drops below $40,000 for the first time in 14 weeks, but a bottom could be near - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Bitcoin fell over 13% to hit an intraday low of $38,585.86 at around 12:54 a.m. ET, according to CoinDesk data. 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