Breaking: Bitcoin collapses below $50,000 as Musk effect exacerbates profit-taking
Bitcoin (BTC/USD) has been tumbling down since Elon Musk tweeted that its value "seems high" over the weekend. After topping $58,000 and a valuation of over $1 trillion, the granddaddy of cryptocurrencies has collapsed over $10,000.
Bitcoin/USD has fallen below the 50 Simple Moving Average on the four-hour chart and momentum has turned to the downside. At the time of writing, it hit a low of $36,780, quoted on Coinbase, before bouncing.
Update: BTC has been able to recapture the round $50,000 level and changes hands near $51,000, yet volatility remains elevated.
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Musk also mentioned Ethereum in that tweet, adding pressure on Vitalik Buterin's brainchild – which has dropped below $1,700. The founder of Tesla continues touting Dogecoin, and that cryptocurrency is under pressure as well.
More ETH eyes a 40% drop as it nears the end of a rising wedge
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
