Bitcoin and other cryptocurrencies decline in trading price

Major cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE) dropped in price last May 19 according to data from crypto news site CoinDesk.

BTC fell below the $40,000 mark, which is a first since its last slump last February 9. Data from CoinDesk showed its price range for the last 24 hours with its lowest at $38,960 and the highest at $45,850.

Co-CEO of crypto-asset company ZebPay, Avinash Shekhar told the Financial Express that the 40% dip of BTC is normal in many volatile markets, especially cryptocurrencies. He mentioned that long-term value investors might use these lower prices as a buying opportunity.

CEO and founder of cryptocurrency hedge fund Bitbull, Joe DiPasquale said to Coindesk that the volatility of BTC this year is consistent with its ‘higher highs and higher lows’.

He noted that the fall of price is ‘necessary for the support lines to form for future appreciation’.

Since May 13, after the announcement of Tesla Motors CEO Elon Musk on Twitter they will no longer be accepting BTC as payment for Tesla cars, the price of BTC has been dropping every day. He cited environmental concerns as the reason and hopes that ‘mining transitions to more sustainable energy’.

Moreover, China banned financial institutions and payment companies from offering any services involving cryptocurrencies according to a report by global news site Reuters last May 19.

‘Cryptocurrency prices have skyrocketed and plummeted and with its speculative trading, it can possibly infringe the safety of people’s property and disrupt economic and financial order,’ read Reuter’s report.

Meanwhile, ETH also decreased in price, falling below $3,000 for the first time since its highest peak on May 12. After a 57% drop, it is currently at $1,850, which is its lowest since last January.

Reports from CoinDesk also showed that DOGE declined 45% from $0.48 to $0.21. Although it reached its peak in the earlier weeks of May at about $0.70, it also suddenly decreased within the next 24 hours.

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