The price of bitcoin has fallen sharply from record lows after the world’s richest man Elon Musk tweeted his concern

Bitcoin is an online currency created from computer code, but how does it work and why do people use it?

The price of bitcoin fell 17% on Monday after hitting a record high of $ 74,019 on Sunday

The volatile cryptocurrency fell to $ 65,20459 before gaining ground At 7:30 a.m. AEDT, it was valued at $ 68,676 84

The slide came just hours after billionaire Elon Musk tweeted that Bitcoin and Ethereum “look high”

The comment comes after Tesla invested nearly $ 2 billion in cryptocurrency The company has already racked up around $ 1.26 billion in profits from this investment

Tesla CEO’s tweets have already had an impact on the markets – a comment on Tesla’s share price caused it to fall in May 2020

“Elon and his fleet have incredible power over market prices,” said Mati Greenspan, founder of Quantum Economics

In 2017, the price of bitcoin fell 45% after hitting new highs Cryptocurrency rose 305% in 2020

Barclays Wealth & Investments CEO Will Hobbs Told Insider He Shuns Cryptocurrency Due To Its Wild Swings

Newly Appointed US Treasury Secretary Janet Yellen told a press conference on Monday that bitcoin was “a hugely inefficient way to conduct transactions”

On February 9, Tesla announced that it would begin accepting bitcoin as a payment method for its cars and other products in the near future. In October of last year, PayPal announced that it would allow consumers to transact in cryptocurrency

US investor and founder of the Gemini cryptocurrency exchange Tyler Winklevoss said bitcoin’s story has always been “two steps forward, one step back, then two steps forward” “Few understand this,” he wrote on Twitter

As the price hit record highs on Sunday, the mysterious – and alleged founder of bitcoin – Satoshi Nakamoto, has become one of the richest men in the world

Satoshi Nakamoto is the name used by the alleged pseudonymous person or persons who developed Bitcoin And if he exists, he is rich, very rich

Satoshi is believed to have set aside a million coins when creating the cryptocurrency

That would have put his net worth at $ 74 billion But those one million coins were never touched

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Bitcoin News

World News – UA – Bitcoin Price Dips Strong

Source: https://www.news.com.au/finance/money/bitcoin-price-plunges-by-17-elon-musk-tweets-value-seems-high/news-story/731af222eca781457809f0ff8482853b