Red, red everywhere, as Bitcoin plunges below $50,000

Coins Red

Psychological barrier broken! Bitcoin has broken below $50,000 as market selloff continues, with price of the world’s number one digital currency falling about $4,300 in the last 24 hours.

Bitcoin prices last changed hands at $47,659 a slide of 12% over 24 hours.

This downturn means that Bitcoin has hits its lowest point in 48 days. It is on track to close outs its biggest weekly drop since February when prices fell 21% before making a sharp recovery and breaking to all-time highs near $64,900.

Other cryptocurrencies are also experiencing sharp sells, with XRP and Ether both down 13% and 7% respectively. Binance Coin is down by about 5.8%.

In fact, almost all of the assets made up of the 20 countries making up the lion’s share of the crypto market at eight significant exchanges have fallen in price over the last 24 hours.

A number of analysts have warned of a near-term downturn for Bitcoin, as the cryptocurrency has continued to track lower after reaching its all-time peak following the direct listing of crypto platform Coinbase.

And while fears of increased regulation were at the heart of last Sunday’s pullback, while these losses on Friday come on the heels of President Joe Biden reportedly weighing a plan to nearly double capital gains tax on the wealthy.

These fresh losses for Bitcoin represent around a 26% drop from the recent peak for the cryptocurrency. A 20% drop meets the widely accepted definition of a correction, though the volatility of the digital coin means that slides of more than 10% are not unusual.

The next Bitcoin level to watch for is $42,000, which might come this weekend, or next week, if at all.

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