Bitcoin Drops Below $50000, Tumbles 10% in 12 Hours

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Sienna Rowley
Sienna is an editor at Cloud Host News. She is an internet enthusiast, always eager to explore the latest trend in the tech space. In her free time, she is a modest family woman who loves traveling.

Bitcoin drops below $50000 for the very first time since March as Bitcoin tumbles down about 10% in the last 12 hours.

On April 17, the $60K range was rejected, driving a drop in the BTC price by about 20% in just one hour. While the markets consolidated near $55,000 for several days, bulls failed to defend the range on April 22, and that resulted in continued bearish action yesterday.

With the sudden sell-off, bitcoin traders and investors were left dumbstruck. Also, JP Morgan analysts have warned that if the bitcoin price doesn’t regain ground above $60K soon, bitcoin boost signals will collapse.

After Bitcoin drops below the $50K mark, mixed reactions are being observed on Twitter, with Messari researcher Mira Christanto noting the markets have just retraced from the all-time high by 23% which is significantly less than the typical pull-backs encountered while the 2017 bull run that generated losses of 35% on average.

While on the other hand crypto-skeptic and gold bug, Peter Schiff was also fast in commenting on the current market action. He poked fun at Bitcoin proponent Anthony Pompliano by tweeting;

Pompliano replied to Peter’s tweet by saying,

“Bitcoin is up 600% in last year. Gold is up 3% in last year. No more tweeting until gold can beat inflation, Peter!” 

Twitter-user “Fintwit” similary too replied to Schiff, stating

“gold is up 0% since 2011.”

Ethereum also plunged today, dropping about 8% in the last 24 hours. Nevertheless, Ether has outperformed BTC in the last few days, with an all-time high of over $2,600 on April 22.

Over the past day, ETH/BTC saw an all-time high since August 2018, with Ether trading for 0.047 BTC. Ethereum last changed hands for 0.045 BTC.

Over the past seven days, Ether has fallen 11% and over the same period, Bitcoin has dropped down by 21%.

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