Bitcoin plummeted after US Treasury Secretary Janet Yellen issued a warning.
NEW YORK (Nettavisen): Bitcoin was down 13 percent on Monday, after Finance Minister Janet Yellen warns against the cryptocurrency, writes Mint.
“Bitcoin is extremely inefficient for carrying out transactions, and is a speculative investment object,” says Yellen, who is the world’s most powerful economist in his position as US Treasury Secretary.
Bitcoin fell from $ 57,000 night to Monday all the way down to $ 49,000 just after Yellen made his comments. Bitcoin, however, recovered slightly and rose to around 54,000 dollars at 22 o’clock on Monday, down to just over four percent.
Yellen says she has very little left for Bitcoin.
– To the extent that it is used, I am afraid that it is often for illegal financing. It is an extremely inefficient way of conducting transactions, and the amount of energy consumed in processing these transactions is staggering, Yellen said at the New York Times’ “DealBook” conference on Monday.
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On Wall Street, it started with a decline on Monday, and the Dow Jones opened down 100 points. Tesla started down around 3 percent, while both Apple, Amazon, Microsoft, Netflix and Alphabet started down around 1 percent. The Dow ended up up 0.09 percent, while the Nasdaq ended down 2.5 percent.
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Passed a trillion dollars
The value of all bitcoin in the market passed one trillion dollars on Friday, after the bitcoin price rose to a record level of over 54,000 dollars.
According to Coinmarketcap.com, which follows the market, the total value of all bitcoin in the market on Friday was 1.018 billion dollars – that is 1.018 billion dollars, writes NTB.
The sum corresponded to more than 8,600 billion Norwegian kroner after Friday’s exchange rate.
With Monday’s decline, the value is again below one trillion dollars.
It was on Tuesday last week that the cryptocurrency bitcoin passed $ 50,000 for the first time.
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60,000-70,000 in Norway have cryptocurrency
Bitcoin has risen by almost 75 percent this year, and several heavy companies have backed the popular virtual currency. Two weeks ago, it passed 43,000 dollars after Tesla invested one and a half billion dollars in bitcoin, writes NTB.
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Figures published in November last year show that the Tax Administration had identified 60,000-70,000 people in Norway who had cryptocurrency. According to Dagens Næringsliv, on the other hand, there were only 4,740 people who reported it in the tax return for 2019.
According to the newspaper, there were cases where assets of more than NOK 100 million were not reported.
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