The cryptocurrency falls close to 11 percent after the finance minister’s warning and the Tesla founder’s Twitter post.
The US Treasury Secretary, Janet Yellen, warned on Monday night against the cryptocurrency and stated that it was an “extremely inefficient” way of conducting transactions.
According to the statements, the bitcoin price has fallen more than 5,000 dollars. Just after 7 a.m., the cryptocurrency is trading at less than $ 50,000.
The finance minister is not very enthusiastic about bitcoin.
– To the extent that it is used, I am afraid that it is often for illegal financing. It is an extremely inefficient way to complete transactions, and the amount of energy used to complete the transactions is staggering, Yellen said.
Several banks predict previous interest rate jumps. One thing in particular will determine when the loan becomes more expensive.
Musk & co.
Tesla founder Elon Musk has previously contributed to a massive rise in bitcoin prices. The company invested $ 1.5 billion in the former currency, and the bitcoin exchange rate then rose to a new record.
Nevertheless, he stated on Saturday that the price of both bitcoin and etherum “seems high”. He wrote this on Twitter. The Twitter post has since been deleted, but several media have covered the case.
Prior to the statements, Tesla had close to one billion dollars in return on the crypto investment.
Bitcoin’s market capitalization rises to $ 1,000 billion
The cryptocurrency has recently passed a historic milestone, and the upswing has apparently continued until now. One week ago, bitcoin reached $ 50,000, and on Friday, the cryptocurrency reached a market value of over $ 1,000 billion for the first time.
The rise really took off in the autumn of 2020. In September, Bitcoin was traded for around 10,000 dollars, and has more than fivefold since then.
Since its inception on July 5, 2013, the cryptocurrency has risen 76,059 percent. Then a bitcoin costs $ 65.53.
Yellen’s warningFollow bitcoin developments here
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