Cointelegraph Team
Cointelegraph
Bitcoin (BTC) fell below $40,000 on May 19 as bearish sentiment continued to dictate price direction resulting in the cryptocurrency market losing $350 billion in value.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingView
Analysts calm as BTC/USD hits 15-week lows
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it put in lows of $38,500 before bouncing higher.
Coming after a week of successive drops, Wednesday's dip put Bitcoin at its lowest level since early February and 40% below its all-time highs.
"Bitcoin putting in new lows, probably buy more soon," popular trader Scott Melker told Twitter followers in a post that characterized the conversely calm mood among market veterans.
As Cointelegraph reported, those closer to the data were anything but bearish throughout the week, and even a sub-$40,000 BTC price failed to dampen their spirits.
"16,835 Bitcoin withdrawn from exchanges in last 10 minutes," analyst Lex Moskovski noted at the time of writing.
"Someone's buying fear."
Bitcoin exchange withdrawal volume chart. Source: Lex Moskovski/ Twitter
Tesla blows its Bitcoin fortune
Elsewhere, the spotlight remained on Tesla and its CEO, Elon Musk. After taking the blame for the volatility in recent days, Musk was widely held to have cost himself and his company more than most others with his remarks.
With its return below $40,000, Bitcoin thus traded nearly at the same price on Wednesday as that at which Tesla bought $1.5 billion.
Its announcement came on Feb. 8, a matter of weeks after a likely transaction took place. Nonetheless, its profits from its BTC, which at one point totalled more than its entire history making electric cars, evaporated.
"We are back at Feb 8 open price of $39K, when Tesla made the bitcoin announcement," stock-to-flow model creator PlanB summarized.
According to monitoring resource Bitcoin Treasuries, Tesla's stash was worth just over $1.72 billion at the time of writing.
PlanB had been one of the most vocal critics of Musk, being joined by figures such as Saifedean Ammous, author of The Bitcoin Standard.
For his part, Musk had confirmed that Tesla had yet to sell any of its allocation.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Bitcoin holds $84,000 despite Fed’s hawkish remarks and spot ETFs outflows
Bitcoin is stabilizing around $84,000 at the time of writing on Thursday after facing multiple rejections around the 200-day EMA at $85,000 since Saturday. Despite risk-off sentiment due to the hawkish remarks by the US Fed on Wednesday, BTC remains relatively stable.
Crypto market cap fell more than 18% in Q1, wiping out $633.5 billion after Trump’s inauguration top
CoinGecko’s Q1 Crypto Industry Report highlights that the total crypto market capitalization fell by 18.6% in the first quarter, wiping out $633.5 billion after topping on January 18, just a couple of days ahead of US President Donald Trump’s inauguration.
Top meme coin gainers FARTCOIN, AIDOGE, and MEW as Trump coins litmus test US SEC ethics
Cryptocurrencies have been moving in lockstep since Monday, largely reflecting sentiment across global markets as United States (US) President Donald Trump's tariffs and trade wars take on new shapes and forms each passing day.
XRP buoyant above $2 as court grants Ripple breathing space in SEC lawsuit
A US appellate court temporarily paused the SEC-Ripple case for 60 days, holding the appeal in abeyance. The SEC is expected to file a status report by June 15, signaling a potential end to the four-year legal battle.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.