Bitcoin Suffers Worst Monthly Drop in 10 Years
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The month of May has been a bloody one for Bitcoin and crypto traders in general
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BTC lost over 10% of its value on Friday, bring the total loss in this month to 36%
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Many crypto analysts believe that the worst-case scenario will have BTC trading at $20,000
It’s been a rough month for crypto investors and many will be hoping that it ends on a high note.
Flagship crypto, Bitcoin led the downfall this month as the coin lost 36% of its value, which happens to be the worst performance since September 2011.
Since dropping below $40,000, the flagship crypto has remained there, causing more panic among investor about a bear run.
Many Crypto pundits have stated that the plunge was caused by numerous bad news.
Negative energy in the crypto space further increased when Elon Musk announced that Tesla will no longer be accepting BTC as payment for its products.
The billionaire raised concerns about the coin’s carbon footprints and its effect on the environment.
Read also: Jeff Bezos to Step Down as Amazon CEO on July 5
Many crypto experts have stated that Bitcoin can plunge as much as $20,000 in a bull run.
The drop in the value of the flagship crypto has caused losses to other leading coins like Ethereum, Cardano and Dogecoin.
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