Big Bitcoin Drop happened for the First Time
Bitcoin continued its month-long which witnessed a drop below $40,000. This happened for the first time since early February. The cryptocurrency was trading around $39,678. There was more than 12% drop in the past 24 hours. Bitcoin has dropped nearly 40% since its high of over $64,000 in February.
Other major cryptocurrencies are constantly falling. Ether (ETH) dipped below $3,000 for the first time since May 2, although it had regained this threshold as of 01:29 UTC.
According to Joe DiPasquale, Bitcoin’s volatility this year, CEO and creator of BitBull, a cryptocurrency hedge fund, is consistent with its past of “higher highs and higher lows.”
“The price drop… is a natural consolidation cycle that we see as important for the support lines to form for future appreciation,” he said