BTC falls 10% in 12 hours

The price of premier cryptocurrency Bitcoin has fallen below $50,000 for the first time since March. It is trading at $47,700 (as of writing).

It may be recalled, Bitcoin was below $60,000 on April 17 and had a fall of 20% in a single hour. Although markets consolidated near the $55,000 mark for quite a while, heavyweights (bulls) couldn’t prevent the coin from dropping below the $50k mark.

Analysts from JP Morgan had warned of a sustained bearish action if BTC couldn’t climb back to the $60,000 level. Yesterday, Cointelegraph also reported that substantial profit-taking in the BTC market could suggest an impending local top which was confirmed by today’s slump.

BTC below $50k mark prompted mixed reactions on Twitter. Messari researcher Christanto pointed out that markets have only retraced from the all-time high of 23%.

This is significantly less than the pull-backs experienced by the traders during the 2017 bull run.

However, crypto-skeptics were quick to comment on BTC’s downfall. Notorious gold bug Peter Schiff commented on the market action, poking fun at BTC proponent Anthony Pompliano.

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

A twitter user named ‘Fintwit’ was quick to reply on Schiff’s tweet as well:

Trembling of BTC kickstarted the trembling of a lot of prominent crypto coins, ETH is down by 8% past 24 hours. BNB is down by 5.6%, Tether isn’t exactly at a loss albeit a marginal 0.10%, and XRP down by 10.32%.