Bitcoin has plunged below the $50,000 mark for the first time since early March, marking a significant downturn in the cryptocurrency market.
The world’s largest cryptocurrency dropped by 8.5% in just 24 hours, now trading around $48,827.71.
This decline is attributed to a combination of dwindling buying interest and increased selling pressure, particularly from long-term holders cashing in on profits.
The sell-off coincides with the anticipated repayments from the Mt. Gox bankruptcy, potentially flooding the market with Bitcoin.
Meanwhile, other cryptocurrencies like Ether have also suffered, with a 7.8% decline, reflecting a broader market downturn.
This situation has ignited discussions on social media, with notable figures like Binance CEO Changpeng Zhao reminding investors that crypto is not a guaranteed path to quick wealth.
As the market braces for potential further volatility, many are keenly watching for updates from major players, including Tesla, which could influence sentiment in the coming days