Bitcoin Falls Under $50,000
BITCOIN hit a significant marker to fall under $50,000. While this in no way signals that the end of Bitcoin is near, the $50,000 mark is significant in the same way that Dogecoin supporters are trying to push the DOGE/USD past a dollar. The psychological marker is very important for these cryptocurrencies, as it creates a talking point that will be covered endlessly in market analysis in the weeks after it occurs.
Bitcoin was seeing a peak of $64,829 until it experienced a sharp drop. This 26% drop is significant and is more than a minor correction, as the definition for a correction is about 20% by some metrics and anything over 10% by others.
Bitcoin is considered a volatile cryptocurrency, so to see a slide of greater than 10% is perfectly normal for the currency, but this large of a slide is definitely worth noting and has been the subject of significant market analysis. Analysts considered the major contributing factor to this pullback being fears over incoming legislation in regulation. Other factors contributed as well, including the major power outage in a region of China where cryptocurrency is mined.
However, Bitcoin is not from the only cryptocurrency to see a decline as of late. ETHEREUM dropped 13% in the same time that Bitcoin dropped 26%. However, this doesn’t mean that Bitcoin is the weaker currency, as it has a much larger market share. XRP, another cryptocurrency, saw a nearly as significant drop in a 24-hour period of 22%. Bitcoin is currently trading at $49,288 dollars, still recovering from its historic sharp decline.
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