Bitcoin tanks 10% after Elon Musk says prices seem high

SectorFinancial Markets
CountryMiddle east

Bitcoin soared on Tuesday to an all-time high reaching the $50,000 milestone at $50.602. Bitcoin slid Monday, pausing its stunning rally after Elon Musk said prices "seem high." The world's most valuable cryptocurrency sank over 10% to a price of $51,993 Monday morning, according to data from Coin Metrics. At one point, bitcoin had dipped below the $50,000 level, falling as low as $47,700. It wasn't immediately clear what was behind bitcoin's move lower Monday. On Saturday, Tesla's CEO said the prices of bitcoin and rival token ether seemed excessive. Bitcoin rallied to more than $58,000 on Sunday, but has since reversed course. As of 10:25 a.m.

ET, bitcoin was trading around 8% lower at a price of $53,375. It's worth pointing out that price swings of more than 10% aren't a rarity in crypto. Bitcoin once climbed to almost $20,000 in 2017 before shedding 80% of its value the following year. U.S. Treasury Secretary Janet Yellen on Monday warned bitcoin was a "highly more...