Bitcoin
BTC$29 597.88

-2.60%

Ethereum
ETH$2 011.52

-3.76%

Tether
USDT$0.998873

0%

USD Coin
USDC$1.000373

0%

Binance Coin
BNB$297.60

-1.89%

XRP
XRP$0.423211

-1.74%

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 69.2% 68 $29 597.88 -2.60% -4.15% $563 591 644 299 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 64.8% 69 $2 011.52 -3.76% -11.09% $242 999 478 117 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $0.998873 0% -0.11% $75 666 762 645 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000373 0% 0.02% $51 944 808 629 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 67 $297.60 -1.89% -2.61% $48 591 423 458 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 66% 65 $0.423211 -1.74% -13.39% $20 459 343 283 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 65.2% 69 $0.557204 -3.42% -10.58% $18 844 776 185 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 60% 80 $53.91 -2.01% -16.22% $18 191 940 953 SOL 7 days price change
9 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.001416 -0.07% 0.22% $18 012 356 883 BUSD 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 63.6% 70 $0.087119 -3.51% -19.19% $11 558 180 855 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 60.8% 80 $10.61 -6.82% -4.20% $10 479 524 185 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 60% 81 $32.86 -6.38% -24.95% $8 843 696 831 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 64% 68 $29 654.72 -2.26% -3.43% $8 439 848 680 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 66.8% 65 $0.068843 -2.13% -6.16% $6 730 790 908 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 61.2% 79 $0.000012 -4.95% -19.64% $6 580 148 789 SHIB 7 days price change

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