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Bitcoin Plummets to Below $40K

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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.”

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