The value of bitcoin went down further Tuesday. This is due to concerns among investors that the price of the digital currency may have risen too fast. Investors also redeem their profits. Bitcoin dropped by 10 percent to under $ 50,000.
That’s the biggest drop for the world’s most famous cryptocurrency in a month. On Sunday, bitcoin hit a record level of more than $ 57,000, but since then it has started to decline. That may also be due to a tweet from Tesla CEO Elon Musk on Sunday in which he wrote that the price of bitcoin and ethereum “highly overrated”. The price of Ethereum has also dropped considerably.
Microsoft’s co-founder, Bill Gates, recently said that it is important to be careful that digital currencies do not lead people into a kind of mania and that caution is needed when investing in digital currencies. US Treasury Secretary Janet Yellen, for her part, said that bitcoin is a very inefficient way to handle transactions and is a highly speculative investment.