Bitcoin Saw One of Its Greatest Declines in May 2021

by in Cryptocurrency News

BTC decline in May

In May Bitcoin's price saw a 36% decline, which is the worst drop after November 2018. The cryptocurrency was traded at around $58.000 at the beginning of May and closed the month with a price of about $37.000.

Related: Monthly trading volume on BTC exchanges exceeded $2 trillion

Data shows that 47% fall happened from 14 May to 20 resulted in $14.2 billion investors' losses. The May fall is the second-biggest since 2013. Several factors had an impact on the price. Among them is concerns about BTC's environmental damage. Then China made crypto regulations stricter reiterating the BTC mining crackdown and banning financial institutions to deliver crypto-related services.

The bearish trend expanded to most cryptocurrencies. Although the majority managed to raise again, BTC attempts to surge over $40.000 and keep that support failed.

Bitcoin is 43.7% down from its all-time high reached on April 14. It now trades at around $36.400 with a market cap of over $682.1 B.