Bitcoin dropped at the end of its most critical month

Bitcoin plunged at the end of its worst month

Bitcoin dropped at the end of its most critical month
Source: Web

In May, the investors have sold their bitcoins, and it looks like they are getting rid of bitcoins for good reasons.

On Friday, XBT (bitcoin prices) have dropped eight percent. The price of the bitcoin has sharply fallen around thirty-six percent in this month, which is considered as the worst monthly drop since Sep. 2011.

Elon Musk (Tesla and SpaceX CEO) did a turnaround on bitcoin (cryptocurrency) told his patrons previously that the company will no longer receive cryptocurrency (bitcoin) as payment for its electric automobiles because of the worries over the environmental impact of bitcoin (virtual currency) mining, which is highly energy intensive.

The Tesla CEO, Elon Musk, has since lightened his stance a little bit, thanks to Michael Saylor of MicroStrategy (the boosting of software CEO and cryptocurrency evangelist), to get a meeting with the leaders of many bitcoin miners based in North America to negotiate about power usage worries.

Beijing even has ramped up its clampdown on cryptocurrency, and the American Treasury department has unfolded new strategies to impose a tax on bitcoin more intensely while the Federal Reserve has indicated about the chance of the digital dollar.

Bitcoin dropped at the end of its most critical month
Bitcoin dropped at the end of its most critical month,
Source: Web

Bitcoin also affected other cryptocurrencies

The bitcoin smash has also affected other cryptocurrencies, including Polkadot, XRP, and Binance coin have faced huge losses in May.

Several other cryptocurrencies, most particularly Ethereum, the world’s 2nd largest crypto after bitcoin and the primary support for several popular NFT (non-fungible) deals, have stayed better as compared to bitcoin. Moreover, ether has dropped just around six percent. In May, meme token dogecoin, which Tesla CEO has reiteratively tweeted about, is plunged a little in May.

Besides this, so-called stable coins, including USD Coin and Tether, which are linked to government-supported currencies, have stabled their worth, and they have behaved flat for this month.

The top cryptocurrency, bitcoin, is infamously unstable, and prices remained higher than twenty-five percent this year in spite of the crackdown of this month.

The CEO of Blockchain (crypto research), Peter Smith, described that it is really easy to be a crypto investor and it is extremely tough to be a crypto trader. He added that it is very high volatility ground that can crush you easily.