Bitcoin price failed to maintain the price above $ 50,000 and has plunged 5.1% in the past 24 hours, most of the other coins are also in the red
Bitcoin price failed to maintain the price above $ 50,000 and has plunged 5.1% in the past 24 hours, most of the other coins are also in the red. Bitcoin, after unexpectedly breaking the $ 50,000 threshold, also turned down. Over the last 24 hours, Bitcoin was trading as low as $ 47,578 and highest at $ 51,781.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price fell in freefall after it crossed the $ 50,000 mark
According to statistics from CoinMarketCap, the volume of Bitcoin transactions in the period above was 52.9 billion USD, the capitalization recorded 899 billion USD. Bitcoin is the most turbulent investment asset since the beginning of 2021 when it has continuously increased and decreased erratically. At the end of February, Bitcoin was surprised when it rose to more than 58,000 USD. However, not long after that, the Bitcoin market saw a sharp drop to the $ 45,000 zone.
The market seemed to bounce back after Bitcoin returned to the $ 50,000 mark and continued to climb to a high of around $ 52,000, but after two days it fell to just $ 45,000. In the previous 48 hours, Bitcoin also surpassed $ 50,000 but quickly retreated to the current $ 48,000 threshold.
Lots of large-cap cryptocurrencies are also slipping with Bitcoin. In which Ethereum fell 4.1%, Binance Coin decreased 6.3%, Cardano decreased 10.25%, Polkadot decreased 5.9%, Litecoin decreased 5.8%, Chainlink decreased 9.1%, Bitcoin Cash decreased 3, 9%.
The total market cap recorded at the beginning of the day stood at $ 1,480 billion, down 3.93%.
Bitcoin in particular and the cryptocurrency market, in general, are under pressure from negative comments from major investors and regulators. In an interview with Bloomberg recently, billionaire Bill Gates affirmed that Bitcoin is not something retail investors should buy.
US Treasury Secretary Janet Yellen also stressed that Bitcoin should not be widely used as a transaction mechanism. According to her, Bitcoin is highly speculative, volatile, risky for investors, and often used for illegal financial purposes.
However, Bitcoin is increasingly accepted by major institutions, including PayPal, Visa, and MasterCard. Companies like Fidelity Investment also create funds that allow investors to add cryptocurrencies to their portfolios.
Many have suggested that Bitcoin will soon enter a new bull run.
You can see the BTC price here.
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