Bitcoin price News

Bitcoin dropped to as low as $32,763.16 shortly before 1100 GMT. The cryptocurrency has dropped 13% so far in May.

Bitcoin was trading at $39,961, down 5.36 percent. XRP, Terra, Solana, Cardano, Avalanche, and Polkadot all lost more than 5%. Dogecoin and Shiba Inu, have lost almost 6% of their value.

On Friday, the cryptocurrency slumped as much as 5% on Friday to its lowest since late September. Since November, the cryptocurrency has lost more than 40%. The broader sell-off for cryptocurrencies is driven by concerns about tighter US monetary policy.

Bitcoin fell as low as $32,094 to its lowest in 12 days, dragging smaller coins down. It was last down 8.3%, on course for its biggest daily drop in a month. The world`s biggest cryptocurrency, long plagued by volatility, has lost over 20% in the last six days alone and is down by half from its April peak of almost $65,000.

Bitcoin is up 120.2% from the year`s low of $27,734 on Jan. 4. After its February 21 high, Bitcoin had retreated to as low as $43,000 following uncertainty over stimulus expectations and their subsequent impact on US bond yields. The cryptocurrency’s price is now up almost 1,400 percent from March 2020’s low of $4,000.