Bitcoin (BTC) continued its month-long swoon Tuesday night, dropping below $40,000 for the first time since early February.
- 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. Ether (ETH) 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.”