Fell from $58,000 a Day Ago
Possibility of Large-Scale Sell-Off Raised
[Asia Economy New York=Correspondent Baek Jong-min] The price of the virtual asset Bitcoin, which was relentlessly racing toward $60,000, suddenly reversed into a bearish trend and plunged below $50,000. Its market capitalization also fell back below $1 trillion.
On the 22nd (local time), Bitcoin, which had been showing weakness since early morning, dropped about 10% around 9:10 AM, then fell an additional 5% within 10 minutes, bringing the total decline to 15%. Bitcoin's price had surged to $58,300 the day before but fell to the $48,000 range on this day.
Bitcoin seemed to confirm a bottom and quickly rose back to $50,000, but the decline still remained around 11%.
Ethereum also plunged about 15%, leading the decline in virtual asset prices alongside Bitcoin.
In this regard, the virtual asset specialized media CryptoPotato reported that $1.5 billion worth of sell and buy position liquidations occurred on major virtual asset exchanges over the past 24 hours.
CryptoFund.com reported that just before the price drop, a large volume of Bitcoin flowed into major exchanges such as Gemini.
Some speculate that a large amount of Bitcoin was deposited into exchanges and sold off, but this has not been confirmed.
Bitcoin had shown a strong bullish trend despite warnings from Elon Musk, CEO of Tesla, and Janet Yellen, U.S. Treasury Secretary, even after surpassing a market capitalization of $1 trillion last week.
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