[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.
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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."
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