Bitcoin falls hard through $50K as selloff picks up steam

Less than 24 hours after notching a new all-time high above $58K, Bitcoin (BTC-USD) is now changing hands at $48.8K - about a 17% decline.The plunge in Ether (ETH-USD) is even steeper, with that crypto having fallen nearly 25% to $1,550 since climbing above $2K over the weekend.Bitcoin's tumble brings it back to levels not seen since ... last Tuesday, and it was only three weeks ago when it could have been purchased for under $30K.The Grayscale Bitcoin Trust (GBTC) is down 7.5% premarket. There's also a lower-cost competitor that just launched, the Osprey Bitcoin Trust (OBTC), worth keeping an eye on.Over the weekend, it was reported that Tesla might be up $1B on its $1.5B Bitcoin purchase.