Bitcoin Down About 50% From Its Highest Level in 2021

Bitcoin fell 13% on Sunday, May 23, after the world’s largest and most popular cryptocurrency was subjected to further selling which led to a 50% drop from its highest level in a year.

Bitcoin fell to levels of $32,601 during trading, and Ethereum, which is linked to the Ethereum blockchain, fell 17% to $ 1,905 during trading on Sunday.

Bitcoin came under pressure after a series of tweets last week by TESLA CEO and cryptocurrency backer Elon Musk, with his company refusing to accept Bitcoin as a method of payment.

In addition, on Friday, China took strict measures against mining and trading in the largest cryptocurrency as part of its ongoing efforts to prevent speculation and financial risks.