Bitcoin has dipped under $40,000 interestingly since February 9 this year. The cryptographic money has been falling continually this month, overpowered by the new winding of negative news surrounding the cryptocurrency. Presently, Bitcoin is trading at $39,000, recovering a few misfortunes in the wake of hitting a low of $38,585. Tesla had bought $1.5 billion of Bitcoin earlier this year, 10% of which was later sold by the electric car manufacturer. Bitcoin has come down 38% from it’s all-time high of $64,829, hit in the middle of April.
According to Elon musk’s tweet Bitcoin is actually highly centralised, with a supermajority controlled by a handful of big mining (aka hashing) companies. With its most recent fall, Bitcoin has now given up all gains since the first week of February, when Elon Musk’s Tesla announced it had bought $1.5 billion worth of Bitcoin to hold on its books. Meanwhile, Microstrategy, another US-listed firm that holds Bitcoin on its books has bought the dip and purchased another $10 million worth of Bitcoin.