A series of bad news hit hard in Bitcoin which fell sharply in May from the record of over $ 64,000 recorded in April.
Elon Musk’s announcement that Tesla will no longer accept Bitcoin as a payment method for its vehicles, due to concerns about the environmental impact that cryptocurrency has, has paved the way for the decline, CNN reports.
The blow was doubled by China stepping up its crackdown on cryptocurrencies and the US Treasury revealing new bitcoin tax plans, while the Federal Reserve suggested the possibility of a digital dollar.
The decline in bitcoin in May spilled over to other cryptocurrencies. Ether, the second largest cryptocurrency, fell by about 6%. Dogecoin, which Musk has repeatedly written about on Twitter, also dropped in May.
Bitcoin is notoriously volatile, and its value remains over 25% higher than the value it started the year with, despite the fall in May. However, the sharp fall in May raises questions about investor confidence in the market.
It is not the first time that cryptocurrency has fluctuations. Bitcoin prices fell from nearly $ 20,000 in December 2017, which was a peak at the time, to below $ 3,500 in early 2019 before returning.
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