Bitcoin hits lowest since mid-Feb, falls below $50k; Yellen calls the cryptocurrency highly speculative – The Economic Times Video

Bitcoin dropped beneath $50,000 on Monday, hitting its lowest stage since mid-February, as buyers nervous that its worth could have gotten too excessive, too quick. The world’s largest cryptocurrency when it comes to quantity fell to as little as $47,400, its weakest in a single week. At one level, it misplaced practically 17% of its worth, or about $160 billion from its whole market capitalization. The US Treasury Secretary Janet Yellen at this time ripped into the world’s most well-known and highest valued cryptocurrency Bitcoin as she termed it “extremely speculative” and “inefficient” for transaction.

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