Bitcoin price drops below $40,000 reaching 14-week low

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Bitcoin's price has dropped below $40,000 for the first time since February 9.

The world's largest cryptocurrency by market capitalization is now changing hands around $39,600 on Coinbase Pro.

It's the lowest point in 14 weeks, which is also back to the same price level before Tesla announced its corporate treasure policy in holding bitcoin, according to data from CoinGecko.

Meanwhile, ether has slumped below $3,000 and is trading at $2,949 as of press time.

The overall crypto market plunge has continued over the past week and dropped further after news on Tuesday that three Chinese self-regulatory organizations had reiterated the country's 2017 stance on a crypto ban.

Data from Bybt shows that over $1 billion in crypto futures long positions were liquidated in the past 12 hours with half of them being long positions on bitcoin.

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May 5, 2022, 3:17PM UTC
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