The bitcoin price fell below $ 50,000 for the first time since March as the bitcoin price fell nearly 10% in the past 12 hours.

On April 17, the $ 60,000 series was rejected, causing the bitcoin price to drop nearly 20% in one hour. As the markets rallied to $ 55,000 for several days, the bulls failed to defend their range on April 22, continuing the bearish move on the final day.

Cointelegraph reported yesterday that huge gains in the bitcoin markets could signal an impending domestic summit, and the current recession seems to support that hypothesis. JP Morgan analysts also warned that the bearish movement will continue if BTC fails to recover the $ 60,000 level.

The dip below the $ 50,000 psychological level sparked controversy on Twitter, with Misari researcher Mira Cristanto suggesting that markets rebounded after only 23% full employment, far below the typical setbacks seen during annual gains. 2017, when the average loss was 35%.

But well-known skeptic about the golden insect and cryptocurrency Peter Schiff was also quick to comment on the market movement, poking fun at bitcoin supporter Anthony Pomplano.

Pompigliano replied, “The price of bitcoins has risen 600% over the past year. Gold has risen in price by 3% over the past year. No more tweets, Peter, gold can beat inflation! ”

Twitter user “Fintwit” also responded to Schiff, saying that “gold is up 0% since 2011.”

Ethereum is also falling today, dropping nearly 8% in the last 24 hours. However, in recent days, Ether has surpassed Bitcoin and climbed to an all-time high of over $ 2,600 on April 22.

Yesterday’s events showed that ETH / BTC is trading at its highest level since August 2018, with the Ethereum price being 0.047 BTC. Ethereum last traded at 0.045 BTC.

Ether has dropped 11% over the past seven days, while Bitcoin has dropped 21% over the same period.