Bitcoin prices (XBT) dropped by 8% Friday and have plummeted by 36% in May.
Continuous bad news has sent bitcoin in a downward direction since it hit an all-time high above $64,000 in April.
Tesla (TSLA) CEO Elon Musk had earlier commented on bitcoin, telling customers recently that the electric car giant will no longer accept bitcoin as payment for its vehicles because of concerns about the environmental impact of bitcoin mining, which is extremely energy intensive.
The bitcoin crash has carried over to other cryptocurrencies, too. Binance coin, XRP and Polkadot recorded heavy losses this month.
Bitcoin prices plummeted from their peak of $20,000 in December 2017 to below $3,500 by early 2019 before gradually going up.
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