Bitcoin is Down 8%, as it Heads Towards Its Biggest Monthly Loss Since September 2011

Bitcoin fell on Friday May 28 to its lowest level this week, pushing losses from a growing campaign against it in China and environmental concerns to nearly 40% since the start of the month.

The largest cryptocurrency added to its previous losses, dropping 8.2% to $ 35,339, as it remained in a relatively narrow trading range this week. It was down in the last transactions by 6.2%.

The cryptocurrency lost 37% of its value in May, and this will be its worst monthly performance since September 2011 if it continues at the same pace and pushed it to the retreat of China’s efforts to eliminate electronic mining operations to extract and circulate cryptocurrencies, in addition to Tesla’s move to stop receiving payments with it due to concerns about energy consumption.

However, Bitcoin has gained around 3% this week. Trading takes place 24/7 in cryptocurrency markets, and volatility is common on weekends.

Smaller cryptocurrencies have also fallen, which usually go up and down with bitcoin. The second-largest cryptocurrency, Ethereum, fell as much as 11%, reaching its lowest level in four days.