Crypto News | Bitcoin Breaks Below $50K as Market Sell-Off Continues

 Bitcoin has fallen beneath the $50,000 psychological support line hitting its lowest point in 48 days.

At around 17:00 UTC on Thursday, bitcoin (BTC, -7.31%)‘s price fell from around $54,900 to $51,500 before the markets inflicted another sell-off to $48,300, according to Bitstamp exchange data. Prices are currently hovering around $49,200 representing an 8% drop or loss of about $4,300 over the previous 24-hours, according to CoinDesk’s bitcoin price page.

“On-chain data suggests we’re still in a long-term bull market,” Ki Young Ju, CEO of South Korea-based blockchain analytics firm CryptoQuant, told CoinDesk. “In the short-term, we might have a correction and going sideways in a broad range since the market is over-heated among retail investors.”