Bitcoin price drops below $40,000 reaching 14-week low

Bitcoin's price has dropped below $40,000 for the first time since February 9.

The world's largest cryptocurrency by market capitalization is now changing hands around $39,600 on Coinbase Pro. It's the lowest point in 14 weeks, according to data from CoinGecko.

Meanwhile, ether has slumped below $3,000 and is trading at $2,949 as of press time.

The overall crypto market plunge has continued over the past week and further extended after Tuesday news that three Chinese self-regulatory organizations reiterated the country's 2017 stance on crypto ban.

Data from Bybt shows that over $1 billion in all crypto futures long positions were liquidated in the past 12 hours with half of them being long positions on bitcoin.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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