The value of bitcoin continued to decline on Tuesday. This is due to concerns among investors that the price of digital currency may have risen too fast.
Investors also cash in on their profits. Bitcoin fell by 10 percent to below $ 50,000.
That is the largest drop for the world’s most famous crypto coin in a month. On Sunday, bitcoin hit a record level of more than $ 57,000 but has since started to decline.
This may also be due to a tweet from Tesla CEO Elon Musk on Sunday, in which he wrote that the price of the bitcoin and cryptocurrency ethereum “seems high”. The price of ethereum has also fallen sharply.
Microsoft co-founder Bill Gates said recently that people need to be careful not to get into some mania with digital coins and that caution is advised when investing in digital currencies.
US Treasury Secretary Janet Yellen, in turn, said bitcoin is a very inefficient way to handle transactions and is a highly speculative investment.