Bitcoin Weakens By 17 Percent

This Is Why Bitcoin Keeps Dropping In Value

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.

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