Bitcoin plunges 10% to a 14-week low as sell-off continues, but a bottom could be near

Bitcoin is about 37% lower than its all-time high of $64,829.14 which was hit in mid-April as negative newsflow has dampened sentiment.

Bitcoin fell over 10% to hit an intraday low of $40,257.80 at around 11:00 p.m. ET, according to CoinDesk data. That was the lowest level since Feb. 9.Tesla's decision on May 12 to suspend vehicle purchases using bitcoin caused over $300 billion to be wiped off the cryptocurrency market.

On Tuesday, three Chinese banking and payment industry bodies issued a statement warning financial institutions not to conduct virtual currency related business.In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in front of the Bitcoin course's graph on February 09, 2021 in Paris, France.fell sharply on Tuesday continuing a major sell-off that began a week ago.

The digital currency fell over 10% to hit an intraday low of $40,257.80 at around 11:00 p.m. ET, according to CoinDesk data. It was the lowest level since Feb. 9.On May 12, Tesla CEO Elon Musk said the electric carmaker had , citing environmental concerns over the so-called computational "mining" process. This is where high-powered computers are used to solve complex mathematical puzzles to enable transactions using bitcoin.

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