In less than a month, the world’s largest cryptocurrency by value has fallen from its all-time high.
Bitcoin fell below $40,000 for the first time since early February, extending its month-long decline.
As of 5:29 a.m. UTC, the cryptocurrency was valued at about $39,678. (1:29 a.m. ET). This was a decrease of more than 12% from the previous 24 hours.
Bitcoin‘s 24-hour price fluctuated between $38,960 and $45,850.
Since its February record of over $64,000, bitcoin has dropped nearly 40%.
The value of other significant cryptocurrencies has continued to plummet. Ethereum fell below $3000 for the first time since May 2, but by 1:29 UTC, it had recovered this level.
Bitcoin‘s uncertainty this year, according to Joe DiPasquale, CEO, and operator of BitBull, a cryptocurrency hedge fund, is compatible with its trend with higher peaks and higher lows. He described the price drop as a natural consolidation phase that we see as appropriate for the formation of support lines for future appreciation.