Bitcoin faces its worst time in a while with value reaching below $40000

Bitcoin fell on Friday to its lowest level this week amid an increased crackdown in China and environmental concerns. The largest cryptocurrency fell 8.2% to about $ 35,000.

In May alone, Bitcoin fell by almost 40%. As noted by Reuters, if the trend continues, then this month will be the worst month for Bitcoin since September 2011.

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“Bitcoin is currently in a kind of hibernation, trading in the $ 34,000 to $ 40,000 range. Many traders admit that the price is currently in a limited range, so they may hesitate to take a position with great confidence, ”said Ulrik Lykke, CEO of crypto hedge fund ARK36.

It was revealed on Thursday that regulators in Sichuan, China, will soon meet with local energy companies to gather information on cryptocurrency mining, which could lead to the closure of the country’s second-largest Bitcoin mining center. Other cryptocurrencies are also falling in value so far.

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