Bitcoin slumped to its lowest this week, taking losses sparked by a growing crackdown in China and environmental concerns to almost 40% so far this month.
“Bitcoin is currently in a bit of ‘slumber mode’ trading in the range of $34,000 and $40,000,” said Ulrik Lykke, executive director at crypto hedge fund ARK36.
The cryptocurrency has lost 37% in May, which if sustained would be its worst monthly performance since September 2011.
Its drop was triggered by China’s efforts to crack down on mining and trading of cryptocurrencies, and Tesla’s move to halt payments over worries about energy use.
Smaller coins, which typically rise and fall in tandem with bitcoin, also slumped. Second largest digital token ether fell as much as 11% to a four-day low.