Bitcoin's big tumble

Feb 22, 2021 20:37 IST

After rising over 60% in February itself, the Bitcoin rally seems to be taking a breather. The cryptocurrency fell over 16% in trade in New York falling below the $50,000 mark. The digital token took a $8000 beating over just a few hours as analysts questioned the 94% rise in just this year so far. 

This comes after Elon Musk tweeted that the cryptocurrency does seem a bit "high". Tesla has invested over $1.5 billion in Bitcoin. 

Meanwhile US Treasury Secretary has said that Bitcoin is a highly speculative asset and extremely inefficient way to do transactions