Bitcoin Price Falls Below $50,000

[Asia Economy Reporter Yujin Cho] Bitcoin prices continued their sharp decline, falling below $50,000.

According to CoinDesk on the 23rd, as of 11:57 AM, Bitcoin was trading at $49,983.51. This represents a 7.21% drop compared to 24 hours earlier.

The market capitalization also fell to $934.1 billion, breaking below the $1 trillion mark.

At one point in the morning, Bitcoin prices dropped 9.8%, marking the largest decline since late February.

The price trend has fallen below the recent 50-day average price, leading to forecasts of continued weakness for the time being.

Pankaj Balani, CEO of Delta Exchange, said, "The outlook for Bitcoin has started to show weakness," adding, "It will adjust to the $40,000 level."