Bitcoin Drops Below $40,000

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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.

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