Bitcoin falls by 1/3 from April all-time high

Bitcoin over the past day has fallen in price by more than 10 percent and has already dropped to about $42,200, having lost more than a third of its value to the April historical high ($64,854), according to trading data, Report informs referring to Prime agency.

On the Binance exchange, the biggest cryptocurrency exchange in terms of trading volume, as of 8:52 (GMT+4), bitcoin fell in price by 10 percent - to $43,380. A bit earlier, the price dropped to $42,197, marking the daily minimum so far. This is while according to the CoinMarketCap, which calculates the average price for more than 20 exchanges, bitcoin is falling in price by 10.1 percent - to $43,410.

A Twitter user who goes by @CryptoWhale said on May 16 evening, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…”

Musk replied, “Indeed.”

In late April, Musk tweeted that Tesla sold 10 percent of its bitcoins to prove the asset's liquidity as an alternative way to store cash on its balance sheet.