Bitcoin fell to its lowest level this week on Friday, pushing losses from a growing crackdown in China and environmental concerns to nearly 40 percent since the beginning of the month. The leading cryptocurrency added to its previous losses, declining 8.2 percent to reach $35,339, remaining in a relatively tight trading range this week. It was down 6.2 percent in the latest trades. The cryptocurrency lost 37 percent of its value in May, and it would mark its worst monthly performance since September 2011 if the trend continues.
The decline has been driven by China's efforts to eliminate electronic mining operations for cryptocurrencies and their trading, alongside Tesla's decision to stop accepting payments in Bitcoin due to concerns over energy consumption. However, Bitcoin recorded gains of about 3 percent this week. Cryptocurrency trading occurs 24/7, and volatility is common over weekends. Smaller cryptocurrencies, which typically rise and fall alongside Bitcoin, also declined, with the second-largest digital currency, Ethereum, dropping by up to 11 percent, reaching its lowest level in four days.
