Bitcoin price drop hit Tesla too!

Bitcoin (BTC) fell below $ 40 thousand with the continued negative sentiment that dominated the market on May 19. The cryptocurrency market also lost $ 350 billion in value overnight.

1-day candlestick chart of BTC/USD (Bitstamp). Source: TradingView

BTC/USD at 15-week lows

BTC/USD dropped to $38,500 on Wednesday morning, according to Cointelegraph Markets Pro and TradingView data.

Bitcoin, which has been losing value for a week, has fallen to the lowest level seen since the beginning of February with the last drop. Cryptocurrency has lost 40 percent of its value since the record level.

Popular investor Scott Melker: “Bitcoin is setting lower and lower prices, I’ll probably buy more soon” he explained.

“16,835 Bitcoins were withdrawn from exchanges in 10 minutes,” said analyst Lex Moskovski.

“Someone is buying fear.”

Bitcoin volume chart pulled from exchanges. Source: Lex Moskovski/ Twitter

Tesla lost from Bitcoin profits

Elon Musk, who is the reason for the fluctuation in the crypto money market in the last days, has also done a great damage to his company. Tesla, the company he is the CEO of, was one of the names most affected by the decline.

With BTC falling below $ 40,000, Tesla’s $ 1.5 billion Bitcoin accumulation also returned to the purchased level.

Tesla announced on February 8 that it was investing in BTC. However, the company lost all its profits after the last correction.

According to Bitcoin Treasuries data, Tesla’s BTC investment is worth $1.72 billion at the time of translation.

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