Bitcoin
BTC$65 138.71

-0.46%

Ethereum
ETH$3 550.63

0.31%

Tether
USDT$0.999561

-0.03%

Binance Coin
BNB$597.44

-0.21%

Solana
SOL$134.25

-3.47%

USD Coin
USDC$1.000073

0%

Bitcoin tumbles 10% in 12 hours to trade below $50000


23 Apr 2021

#Bitcoin

Bitcoin is now down 23% from it's all-time high after quickly crashing below $50,000. The price of Bitcoin has fallen below $50,000 for the first time since March, with BTC shedding roughly 10% in the last 12 hours. On April 17, the $60,000 range was rejected, driving a crash in the Bitcoin price of nearly 20% in a single hour. While the markets consolidated near $55,000 for several days, bulls failed to defend the range on April 22, resulting in sustained bearish action over the past day.

Yesterday, Cointelegraph reported that significant profit-taking in the Bitcoin markets may suggest an impending local top, with today’s slump appearing to confirm the hypothesis. Analysts from JP Morgan similarly warned of sustained bearish action should BTC fail to reclaim the $60,000 level.

The move below the psychological $50K mark has prompted mixed reactions on Twitter, with Messari researcher Mira Christanto noting the markets have only retraced from the all-time high by 23% — significantly less than the typical pull-backs experienced during the 2017 bull run that produced losses of 35% on average.

But notorious gold bug and crypto-skeptic, Peter Schiiff, was also quick to comment on the market action, poking fun at Bitcoin proponent Anthony Pompliano. Pompliano responded: “Bitcoin is up 600% in last year. Gold is up 3% in last year. No more tweeting until gold can beat inflation, Peter!” Twitter-user “Fintwit” also replied to Schiff, noting that “gold is up 0% since 2011.”

Ethereum also tumbled today, shedding roughly 8% in the past 24 hours. However, Ether has outperformed BTC over recent days, rallying to tag a new all-time high above $2,600 on April 22. Yesterday’s highs saw ETH/BTC trading at its strongest level since August 2018, with Ether trading for 0.047 BTC. Ethereum last changed hands for 0.045 BTC. Ether has dropped 11% over the past seven days, while Bitcon’s is down 21% over the same period.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 90% 16 $65 138.71 -0.46% -3.38% $1 284 181 423 348 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 84.4% 17 $3 550.63 0.31% 1.09% $434 153 467 785 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999561 -0.03% -0.03% $112 556 638 695 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 83.6% 24 $597.44 -0.21% -1.65% $88 172 998 059 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 74.8% 52 $134.25 -3.47% -11.61% $62 011 595 725 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 90% 3 $1.000073 0% 0% $32 820 447 371 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 81.6% 36 $0.493027 -0.66% 1.44% $27 397 727 539 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 68% 71 $0.122354 -2.36% -14.64% $17 714 659 294 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 70.4% 64 $7.09 -1.04% -5.57% $17 296 695 262 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 73.6% 52 $0.386387 -0.76% -10.82% $13 807 284 935 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 54.4% 94 $0.000018 -2.94% -15.41% $10 746 379 248 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 68.8% 69 $26.87 -0.69% -17.33% $10 570 658 738 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 93.2% 6 $0.116136 0.37% -0.40% $10 152 890 915 WTRX 7 days price change
15 TRON (TRX) TRX TRON predictions 90.8% 6 $0.115827 -0.09% -0.72% $10 106 857 750 TRX 7 days price change

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