The price of Bitcoin plummeted by more than 10% on Monday to around $42,200, erasing more than a third of April historic price.
According to the Binance cryptocurrency trade platform, at 08:00 GMT, Bitcoin fell to $45,150. However, earlier in the day, its prices decreased to $42,197. At the same time, as website CoinMarketCap reported, Bitcoin fell by 10.1% to $43,410 on Monday.
On April 14, Bitcoin price spiralled up to a historic high of $64,854. However, on May 13, the cryptocurrency started to fall following Tesla CEO Elon Musk’s statement that the company stops selling electric cars for Bitcoin, expressing its concern about a spike in the use of fossil fuel for Bitcoin mining. In late April, he said on Twitter, that Tesla had sold 10% of its Bitcoin assets in order to prove the currency’s liquidity as an alternative way for storing funds on the balance sheet.