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Bitcoin plummets $8,000 after Elon Musk's concerns over rally

Bitcoin's meteroic started with signs that it is gaining acceptance among mainstream investors and companies, from Tesla Inc and Mastercard Inc to BNY Mellon

twitter-logoBusinessToday.In | February 23, 2021 | Updated 02:39 IST
Bitcoin plummets $8,000 after Elon Musk's concerns over rally

Bitcoin suffered a drop of more than $8,000 on Monday after Elon Musk raised his concern that the price have risen too quickly.

Musk's tweet last week sent the cryptocurrency on a skyrocketing high of more than $58,000. However, it was his tweet this weekend that resulted in the fall of the cryptocurrency in a matter of a few hours.

The fall is a result of a massively long speculative market combined with Musk's tweet where he said that the prices seem too high.

The cryptocurrency plunged more than 16 per cent, below $50,000 in New York, giving up more than $8,000 early on February 22.

Bitcoin's rise to over $50,000 has been fuelled by signs that it is gaining acceptance among mainstream investors and companies, from Tesla Inc and Mastercard Inc to BNY Mellon.

Rival cryptocurrency ethereum, which tends to move in sync with Bitcoin, also tumbled after hitting a record high on Saturday. It was last down 8.7 per cent at $1,765.

ALSO READ: Bitcoin slumps on Monday after surging to record high of $58,354 a day earlier

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