Bitcoin has fallen below $50,000 for the first time since March 7.
It’s been a day of carnage for the world’s biggest cryptocurrency — with its value falling by 8.5% over the past 24 hours.
At one point in the early hours of Friday morning, BTC’s value plunged to $48,827.71.
The correction followed a series of miserable milestones for the digital asset. On Thursday, Bitcoin’s dominance fell below 50% for the first time in three years — and soon after, it lost its market cap of $1 trillion as well.
Binance CEO Changpeng Zhao responded to the downturn on Twitter, writing:
“Contrary to what you may have been told or wish, #crypto is not a get rich quick scheme.”
Altcoins Suffer, Too
Ether had initially showed signs of strength against Bitcoin during trading on Thursday — but now, it too has also succumbed to sell-offs.
After reaching highs of $2,641.09, ETH was down 7.8% at the time of writing… recovering slightly from lows of $2,140.91.
The vast majority of cryptocurrencies in the top 100 — with the exception of Solana and Bitcoin Gold — are also languishing in the red, plunging the so-called “altseason” into serious doubt.
Weekends are renowned for delivering additional levels of volatility for the crypto markets, so all eyes now will be on whether further losses are sustained over the weekend.
It’ll also be insightful to see whether Tesla provides any update on its Bitcoin investment when it delivers Q1 results on Monday — and if this delivers some much-needed cheer to the crypto markets.
Crypto Twitter Row Begins
As you might expect, Bitcoin’s downturn has sparked a new bout of infighting on Twitter.
Renowned crypto skeptic Peter Schiff tweeted:
“Now that Bitcoin is back below $50k I think it's time for @APompliano to tweet out $1k milestones on the way down the way he did on the way up.”
Anthony Pompliano wasted little time in hitting back, writing:
“Bitcoin is up 600% in last year. Gold is up 3% in last year. No more tweeting until gold can beat inflation, Peter!”