Bitcoin dives to $30k, a drop to less than half its peak price

Bitcoin saw the biggest drop of this year, returning it to levels it hadn’t seen since January, falling at one point to just over US $30,000. The past week has seen large amounts of selling of the cryptocurrency and value had dropped to less than half of its peak price last month of $64,829. Bitcoin experienced a 30% drop in value but has since seen a little recovery. From the highest point to the lowest point of the week there was a 40% fluctuation though as of this writing prices are hovering back around $40,000.

The drop in Bitcoin value all but erases the cryptocurrency’s surge when Tesla purchased $1.5 billion Bitcoin and this loss in part due to Tesla’s recent announcement that they will no longer accept Bitcoin. That statement came as Tesla’s Elon Musk cited concerns that mining Bitcoin is an environmentally unfriendly process. Over $300 billion was estimated to have…