Bitcoin has dropped beneath the $50,000 psychological support mark hitting its lowest price in the last 48 days.
On Thursday evening, Bitcoin‘s rate tumbled from around $54,800 to $51,400 before the markets caused another sell-off to $48,300, as indicated by Bitstamp exchange data. Prices are presently drifting around $49,100 signifying an 8% drop or loss of around $4,200 over the previous 24-hours.
“On-chain data implies we are even now in a long-term bull run,” revealed Ki Young Ju, CEO of the blockchain analytics company CryptoQuant, which is based in South Korea. “In the short-term, we could have an adjustment and tweak in a broad range because the market is over-excited with retail investors.”
Bitcoin is on its way to close its biggest weekly drop since February when rates plunged 21% before making a skyrocketing recovery and shattering the all-time highs close to $64,900.
Other digital currencies are also experiencing strong selling pressure with XRP and Ethereum both declining by 14% and 8% respectively, while the Binance coin is dropping 6%.
Encouraging news about BTC represents the fact that a lot of retail investors are taking a step back from selling and extract their coins in the face of the price drop, as indicated by the asset movements on the Binance crypto exchange from the last few days.
