Bitcoin Drops Below $50K After Knocking 17% Off the Cryptocurrency After Elon Mask Suggested the Price is Overinflated
The bitcoin has dropped below $50,000 on Monday which it has hit the lowest level since mid-February and the investor were worried that the price might have gotten too high too fast earlier. The world’s largest cryptocurrency in the terms of volume has fallen to as low as $47,400, its weakest in one week.
After that it has rallied over the weekend to a record levels, and it hit a market value of $1 trillion on Friday and Elon Musk, whose tweet on bitcoin have added fuel to the cryptocurrency’s rally said that the price of bitcoin and Ethereum seemed high and Ethereum or ether is the second largest cryptocurrency by the market and daily volume.
The Tesla boss also made a remark on Twitter while replying to some user who said that the gold was better than both bitcoin and conventional cash. The treasure Secretary Janet Yellen called bitcoin an extremely ineffective way of conducting transaction Monday.
