Updated Sep 14, 2021, 12:57 p.m. Published May 19, 2021, 5:32 a.m.
Bitcoin (BTC) continued its month-long swoon Tuesday night, dropping below $40,000 for the first time since early February.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.
The cryptocurrency was trading around $39,678 as of 05:29 UTC (1:29 a.m. ET) – a more than 12% drop over the previous 24 hours.
Bitcoin’s 24-hour price ranged from a low of $38,960 to a high of $45,850.
Bitcoin has fallen nearly 40% since its high of over $64,000 in February.
Other major cryptocurrencies continued to fall, too. EtherETH$3,904.64 dipped below $3,000 for the first time since May 2, although it had regained this threshold as of 01:29 UTC.
Joe DiPasquale, the CEO and founder of BitBull, a cryptocurrency hedge fund, said bitcoin’s volatility this year is consistent with its history of “higher highs and higher lows.”
He called the “fall in price ... a natural consolidation period that we see as necessary for the support lines to form for future appreciation.”