FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic

Bitcoin falls below $50,000, hits lowest since mid-February

Future of Money

Reuters Staff

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.