Bitcoin, the world’s biggest cryptocurrency, shed 17 percent of its value on Tuesday, as its price crashed below $50,000, with investors growing nervous at sky-high valuations.
Bitcoin has been on a tear in recent times, buoyed by acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon.
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However, top investor, Elon Musk’s comments over the weekend saying the prices of Bitcoin and Ether “seem high” were viewed as the initial catalyst for the selloff. He lost more than $15 billion in just one day after a plunge in the value of Bitcoin dented his net worth.
