The price of Bitcoin, the world’s oldest cryptocurrency, dipped even further than the day before, on Tuesday. The drop came right after Janet Yellen, the Treasury Secretary of the United States, as well as Elin Musk, the Chief Executive Officer of Tesla, spoke about the recent rally of the cryptocurrency. The oldest and most valuable cryptocurrency in the world took a massive plunge in the past 24 hours. It rounds up to 11% of its original value. The prices sank below its trademark value of 50,000 dollars.
The rates fell to about 48,080 dollars by 11 in the morning hours. Data analysts have confirmed this. It further faced an even deeper plunge of nearly 16%. The lowest in a while, the prices hit 45,041 dollars for intraday. Other altcoins also saw a dip following Bitcoin’s plunge, the following suit. The token for Ethereum and Ripple tumbled, 11% and 17%, respectively. Their prices after the dip were recorded to be 1573 dollars and 47 cents, as stated above in the order.
Yellen And Musk About Bitcoin’s Rally
Bitcoin was the subject of analysis of prominent investors and speakers from the Treasury of the United States. Yellen said that the token was incredibly “inefficient” when it came to handling transactions. She also further spoke about the ill-effects the oldest cryptocurrency in the world is having on the environment. Critics have recently been vocal about the amount of energy taken to create a token and the carbon footprint it leaves behind.
Earlier in the month, Tesla invested about 1.5 billion dollars in Bitcoin. On the weekend, the billionaire said that ether and btc prices “seem high.” Along with Bitcoin, Tesla is one of the biggest drops in the stock on Monday.
