Bitcoin tumbles below $40K, Ether slides under $3K

The crypto craze is no longer ablaze as the traders assess recent happenings in the volatile market. Over the last 24 hours, Bitcoin (BTC-USD) plunged another 12.6% to $39,407, while Ether (ETH-USD) - which is linked to the ethereum blockchain network - dropped 16% to $2,924. Bitcoin has even fallen below its 200-day moving average and is now down 40% from its all-time high of $64,895.22 on April 14.Are 2020's big trades unwinding? The popular winners of yesteryear, including Tesla/growth stocks and Bitcoin/crypto, have been under pressure in recent months and weeks as money continues to move elsewhere. While a rotation has been seen into reopening cyclical plays, as well as more stabler names, several headline stories have shaken the cryptosphere in the last few days.Warning from Beijing: Besides environmental concerns sparked by Elon Musk - and Tesla stopping to take payment in Bitcoin - the People's Bank of China