The broader crypto markets have been tumbling over the past month, with a more profound fall in the first week of May. As the markets fell, bitcoin (BTC) started to drop from its local top of roughly $30,000 in the last week of April.
Bitcoin registered its deepest local price drop on May 12 plunging to around $26,290 as the global crypto market cap witnessed a $140 billion loss in just 24 hours.