NEW YORK (Reuters) – Bitcoin dropped below $50,000 on Monday, hitting its lowest level since mid-February, as investors worried that its price may have gotten too high, too fast.
The world’s largest cryptocurrency in terms of volume fell to as low as $47,400, its weakest in one week. At one point, it lost nearly 17% of its value, or about $160 billion from its total market capitalization.
Bitcoin was last dow 12.3% at $50,495.
Reporting by Gertrude Chavez-Dreyfuss
