Bitcoin Drops 20% in 24 Hours, Hitting Lowest Level Since Feb. 3
Bitcoin Drops 20% in 24 Hours, Hitting Lowest Level Since Feb. 3

Bitcoin Drops 20% in 24 Hours, Hitting Lowest Level Since Feb.

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On May 19, Bitcoin fell below $37,000 for the first time in over three months.

According to Coinbase, Bitcoin has dropped over 30% in the last week.

Since hitting a record high of $64,829 in mid-April, it's down about 44%.

Much of the drop is likely due to Elon Musk withdrawing his support for the cryptocurrency over environmental concerns.

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Much of the drop is likely due to Elon Musk withdrawing his support for the cryptocurrency over environmental concerns.

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On May 18, China banned financial institutions and payment companies from conducting virtual currency-related business.

Other cryptocurrencies have also taken a hit.

As of May 19, both Ether and Dogecoin dropped over 30%.

As of May 19, both Ether and Dogecoin dropped over 30%.

Regardless of the downward trend, Bitcoin is still up about 300% in the last 12 months