Another big fall has been observed in todays’ price of Bitcoin which has dropped down even below at $40,000. This month (May 2021) doesn’t seem to be in favour of the world’s largest cryptocurrency as its price value has been fall down from its all-time high. In less than a month, the Bitcoin price on Tuesday has sinks below $40,000, which in the last 24 hours has raised its losses to 14 per cent. Since the beginning of this year from February 9, the price value of Bitcoin has fallen over $40,000.
The damage to Bitcoin price has been observed recently, soon after Tesla’s decision for not accepting this popular digital currency as a payment while stating their concerns regarding the environmental issues due to Bitcoin mining. However, CEO Elon Musk also stated that it may further accept Bitcoin as a mode of payment when it will turn into more environment friendly. These days, we can see that Elon Musk is creating a big influence on the crypto markets as he has been promoting these digital currencies having a promising future. Since his tweet, Bitcoin price has been facing a big fall which is even going downward every day since the announcement by CEO Elon Musk was made.
Not only Bitcoin, but other major leading cryptocurrencies have been also observing the price fall and it is still following a downfall graph. Since May 2, the price value of Ethereum has also fallen down even less than $3000 for the first time. However, the price recovered its value once again quite speedily.
Previous week, Musk has upturned his position on Tesla accepting world’s largest digital currency i.e. Bitcoin as a mode of payment, followed by several different tweets that has elevated the questions regarding carmaker’s bitcoin holdings whether they have kept it or sold it.
At the time of writing, the price value of Bitcoin on May 19 (Wednesday) has been dropped to $40,321.40 US Dollar. From the past 24 hours, this is a major fall in Bitcoin price which is down by -10.56 per cent. The hourly increase level in the Bitcoin price is by 2.48 per cent. The 24-hour Bitcoin price ranged from a low to high is at $38,717.16 USD to $45,688.28 USD. In the price values of Bitcoin has been witnessing a downfall by -29.34 per cent on weekly basis.
Looking at its price value in yesterday date i.e. on May 18, the opening Bitcoin price was $43304.3 and had the closing price at $42909.4 with minimum price at 42447.9 USD and maximum price at 45745.1 US Dollar. Meanwhile, the price prediction of Bitcoin price for May 20 is also not showing any big rise as its price may reach at $41260.30 USD while its minimum price is likely to be at $36353.20 and maximum price at $46051.10 USD.
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