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Bitcoin’s roller-coaster ride has continued, flashing a warning sign for curious investors who may be interested in putting money in the highly speculative cryptocurrency.
The digital asset soared to a fresh all-time high, nearing $58,000 per coin on Sunday, according to data from Coin Metrics. But on Monday, the rally reversed after a slew of criticism from high-profile players.
First, Tesla CEO Elon Musk tweeted over the weekend that the price of bitcoin seemed high just as the currency surpassed a $1 trillion market value. Then, on Monday, Treasury Secretary Janet Yellen said that bitcoin is an “extremely inefficient way of conducting transactions.”
That spurred a slump, sending bitcoin down more than 10% on Monday. On Tuesday, the fall continued, with the currency sliding another 10% to about $48,000.
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