Bitcoin price today: Cryptocurrency fluctuates around $50,000-mark

Bitcoin price swung between gains and losses around the $50,000 level as traders sought direction in the wake of one of the biggest one-day selloffs this year. The largest cryptocurrency by market value turned positive after earlier declining as much as 3.7% to $48,685. Ethereum, Solana, Cardano and Shiba Inu tokens also fluctuated. The Bloomberg Galaxy Crypto Index edged higher after slumping as much as 2.2%.

Bitcoin and other cryptocurrencies dove this weekend amid a greater risk-off sentiment that also encompassed selloffs in many areas of the U.S. stock market. It happened as spiking inflation is forcing central banks to tighten monetary policy, threatening to reduce the liquidity tailwind that lifted a wide range of assets. Bitcoin tumbled as much as 21% on Saturday.