Bitcoin value drops to lowest price since February, with ripple effect on other coins
/Bitcoin hasn’t been declared dead, but a decline in value is causing some pullback among investors and affecting the value of other digital currencies such as ether, dogecoin, and XRP.
Why should we care?
Bitcoin experienced a tumble for five straight days, experiencing its worst month in three years. The news throws a bit of cold water on the newfound enthusiasm around digital asset markets: Bitcoin’s value had fallen to around $32,000 by 9:14 a.m. on Wednesday, May 19 – its lowest point since February. The bitcoin sell-off, which triggered $8B in liquidations, also affected the value of other cryptocurrencies. Ether, XRP, and dogecoin experienced declines of 30% or more Wednesday compared to the previous day. The crypto decline took place alongside a dip in the value of stocks and commodities. The bitcoin drop, according to some reports, could have to do with some recent tweets from Elon Musk, and the end of Tesla’s acceptance of bitcoin as a payment method due to climate concerns. Some say that despite the setback, it may still be too soon to count bitcoin out. Cathie Wood, chief executive officer and chief investment officer at Ark Investment Management, said in an interview that the cryptocurrency is "on sale" though not necessarily at a bottom.