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Record-breaking Bitcoin Tumbles On Yellen Warning

Bitcoin fell out of record-breaking executions on Tuesday after US Treasury Secretary Janet Yellen warned that “very speculative” units could be used for “illegal” purposes.

At around 1500 GMT, digital currencies fell 12.57% to $ 47,946 and rival Ethereum fell 15% to $ 1,539.

Tesla boss Elon Musk, who has a large investment in Bitcoin, tweeted on Saturday that the prices of both cryptocurrencies “seem to be high.”

Yellen claimed on Monday that Bitcoin was inefficient and required a lot of energy, expressing fear of being used for “illegal” reasons.

“I don’t think Bitcoin is widely used as a trading mechanism, and I’m worried that there will be a lot of fraudulent financing to the extent it is used,” he said at an event hosted by the New York Times. It was.





The total value of all Bitcoins exceeded $ 1.0 trillion on Friday
AFP / NICOLAS TUCAT

“This is a very inefficient way to execute transactions, and the amount of energy consumed in processing those transactions is staggering.

“But it’s a very speculative asset and I think people need to be careful. It can be very volatile and worried about potential losses that investors may incur. doing.”

The slump on Tuesday came after Bitcoin paved the way for a record peak at $ 58,350 on Sunday.

The total value of all Bitcoins exceeded $ 1.0 trillion on Friday.

Bitcoin exploded over $ 50,000 a week ago after Mask’s electric car maker Tesla revealed that it had invested $ 1.5 billion in the unit.

Bitcoin has also jumped higher in recent weeks after giants such as investment fund BlackRock, New York bank BNY Mellon and credit card giant Mastercard have adopted digital units.



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