After weeks of steady gains, its price Bitcoin fell vertically.
The drop in price took place after bitcoin had reached the highest point of all time, over $ 58.000 on Sunday.
Bitcoin fell below $ 49.000 on Monday, although its remarkable gains lead to the conclusion that it is trading even higher than a week ago.
The market turmoil has resulted in nearly $ 300 billion being eliminated from the total market cap of all cryptocurrencies combined, according to the CoinMarketCap.
The latest drop also caused the bitcoin market cap to fall below $ 1 trillion, having crossed that milestone for the first time last week.
Before the fall, the market analyst Simon Peters, predicted that technical indicators showed that cryptocurrencies are a "supermarket, implying that we could soon see a flashback"
In comments to The Independent, Mr. Peters, who works for the internet platform transactions eToro, said such signs are likely to lead to some short-term losses. He said that the indicators "It will be a warning to many investors that the current price trend may weaken and that consolidation or a reversal of prices is on the horizon.»