Bitcoin fell to its lowest level in seven weeks on Monday morning and nearly fell to $47000.
The world’s largest cryptocurrency fell to $47079 in early Asian trading before rebounding. Bitcoin was at $51973.80 as of 9:59 a.m. Beijing time, according to coinbase.
Later last week, bitcoin fell below its 100 day moving average for the first time since early October, after JPMorgan (150.19, 2.82, 1.91%) warned of possible risks to its upward momentum.
Bitcoin hit a record $64870 on April 14, driven by the frenzy triggered by the listing of coinbase, and has been volatile ever since. Last weekend, the collapse of two Turkey’s encrypted currency exchanges could also lead to sentiment in the debate over whether bubbles exist in encrypted currencies.
Although Tesla (729.4, 9.71, 1.35%) CEO musk mentioned cryptocurrency again on twitter (67.02, 2.71, 4.21%) on Saturday, the momentum over the weekend was still sluggish. Musk tweeted: “what should the future hold（ What does the future hodl？）， Many netizens responded to “dogcoin” and “bitcoin” in the comment area（ Note: hodl is the slang of bitcoin community, which refers to the long-term possession of some cryptocurrency.)
Nevertheless, bitcoin’s performance in the medium term is still good, and it has maintained a growth rate of about 70% so far this year. This is due to the recognition of well-known investors and the launch of cryptocurrency products by Goldman Sachs (339.35,8.50,2.57%) and Bank of New York Mellon (47.6,1.05,2.26%). Morgan John, John Normand, reiterated in a report last Friday that bitcoin rose faster than any other financial innovation or bubble in the past 50 years.