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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