Crypto Market Keeps Crashing as Bitcoin Falls Below $40,000

• The crypto market suffered further losses in the early hours of Wednesday

• Flagship coin, Bitcoin dropped as low as $38,552 as investors ditched the market

• Sentiments surrounding the market also affected altcoins, with some losing as much as 10%

The crypto market continued its downward trend in the early hours of Wednesday as Bitcoin dropped as low as $38,500.

The cryptocurrency which was trading at $64,895 only last month, is currently at its lowest point since February 2021.

BTC has been on a continuous downward trend since Tesla CEO, Elon Musk went against it.

Musk who was a supporter of the coin announced that his company will no longer be accepting the cryptocurrency as payment for its vehicles.

Tesla Inc was also affected by the disclosure of its CEO as the Tesla stock value dropped.

According to Musk, the decision was made based on the coin’s energy consumption.

At the time of this report, the global crypto market value stands at $1.86 trillion, down by 12.39%.

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Bitcoins drop has also been aided by a recent announcement from the bank of china.

China’s Apex bank has banned financial and non-financial institutions from accepting payment in crypto and processing cryptocurrency transactions.

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