Nexo

Start Earning Up to 16% Interest Automatically

Learn More
Home » Analysis » Bitcoin Drops Below $40,000, Over 40% off All-Time High

Bitcoin Drops Below $40,000, Over 40% off All-Time High

by

Bitcoin tumbled as low as $36,350 during its worst-performing week of the year so far. It’s fallen 40% off all-time highs recorded in April.

Bitcoin Drops Below $40,000, Over 40% off All-Time High
Shutterstock cover by tungtaechit

Share this article

Bitcoin’s bloody week continues. 

Bitcoin in Freefall 

Bitcoin is plummeting.

The leading crypto briefly dipped as low as $36,350 Wednesday afternoon after days of sell-offs. It’s Bitcoin’s first drop below $40,000 since February. 

Bitcoin is currently trading at $38,782, around 40% off its all-time high price. The asset hit a price of $64,804 last month but has been static relative to the rest of the market since then. 

Source: TradingView

This week, Bitcoin has suffered a significant decline, leading to selloffs across the whole market. It plunged Sunday night in response to a series of tweets from Elon Musk. “Bitcoin is actually highly centralized,” the Tesla and SpaceX founder tweeted, days after announcing that Tesla would halt Bitcoin payments due to the environmental impact of Proof-of-Work. 

The sell pressure has continued over the last few days, and some signs suggest it could last a while longer. Responding to the market’s downturn, the Deribit exchange has added $25,000 BTC call options with a May 28 expiry date. 

It’s not only Bitcoin that’s in the red: ETH is down over 35% this week, trading at $2,674 at the time of writing. BNB is down 41.5%. Key DeFi tokens such as AAVE and SNX have also dropped in the last 24 hours. 

The total crypto market cap is currently valued at $1.82 trillion. That’s over 25% off its all-time high. 

Disclosure: At the time of writing, the author of this feature owned ETH, AAVE, SNX, and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.