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Leading by the Bitcoin crash, the cryptocurrency market has started a rapid decline. Losing 8.06% in the past 24 hours, Bitcoin(BTC) has fallen back below $ 50,000 after Janet Yellen’s criticism.

Bitcoin Price Struggled To Find Support at $ 50k

The most popular digital currency of recent times is experiencing a recession after successive records. The price of Bitcoin(BTC) dropped over $ 10,000 within hours, to $45,290. 

In previous weeks, Bitcoin had made a rapid upward trend. After exceeding the $ 30,000 level, it quickly reached the $ 40,000 without serious correction. Similarly, it re-set its all-time high (ATH) by surging above $ 58,000. Bitcoin, which saw its last peak at $ 58,600 over the weekend, immediately after that, started to decline. 

Bitcoin’s previous highest daily drop was on January 11. After reaching $ 40,000, the cryptocurrency fell to $ 32,000 and afterward scored an all-time high.

The cryptocurrency is currently trading at around $48,690 as of February 23.

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Why Has Bitcoin’s Price Fallen So Sharply?

On Monday, US Treasury Secretary Janet Yellen criticized Bitcoin, saying it is an “extremely inefficient way of conducting transactions.” Immediately afterward, Microsoft co-founder Bill Gates also commented that if you’re not as rich and “sophisticated” as Tesla CEO Elon Musk, you should probably watch out for Bitcoin. It seems that these last two important events reflected negatively on the Bitcoin and overall cryptocurrency market.

Ethereum and Binance Coin Also Recorded Significant Losses

Along with Bitcoin, other cryptocurrencies also marked significant drops. The leading altcoin Ethereum(ETH) has fallen by 12.11% in the last 24 hours. The altcoin, which is well below its recent peak of $ 2,000, is trading around $1,560 as of publication time.

Binance Coin((BNB), which has one of the most notable rises of recent days, has also suffered a significant drop of 8.3% in the last 24 hours. The altcoin is trading at $228 as of release time.

Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.