Bitcoin’s downward trend continued yesterday, Tuesday. The largest cryptocurrency in the world is going through difficult days and has reached a 14-week low.
Yesterday its losses were over 13%, while during the day it fell to $38.585. This level is the lowest after February 9th, that was below $40.000.
The difficulties for Bitcoin began a few days ago when Elon Musk announced that Tesla will stop accepting this cryptocurrency due to the environmental impact of the mining process.
That day alone it had losses of up to $300 billion. We need to remind you that Tesla had bought bitcoin worth $1.5 billion and at the same time had announced that it would accept them as a means of payment.
Musk, via twitter, claimed that Tesla still owns all the Bitcoin it had bought. Of course, this was not enough to stop the fall of the cryptocurrency.
In addition to Musk, three Chinese banking and financial institutions warned against digital transactions with cryptocurrencies.
Despite being tested lately, Bitcoin is still 40% up since the beginning of the year and 320% over the last 12 months. However, it is down by 39% of the record high of $64.829 that was reached in mid-April.