{"id":187054,"date":"2021-02-23T21:33:52","date_gmt":"2021-02-23T18:33:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/record-breaking-bitcoin-tumbles-on-yellen-warning\/"},"modified":"2021-02-23T21:33:52","modified_gmt":"2021-02-23T18:33:52","slug":"record-breaking-bitcoin-tumbles-on-yellen-warning","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/record-breaking-bitcoin-tumbles-on-yellen-warning\/","title":{"rendered":"#Record-breaking Bitcoin tumbles on Yellen warning"},"content":{"rendered":"

“#Record-breaking Bitcoin tumbles on Yellen warning<\/strong>”<\/p>\n

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\n The total value of all bitcoin had surpassed $1.0 trillion on Friday
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Bitcoin tumbled Tuesday from its record-breaking run after US Treasury Secretary Janet Yellen warned that the “highly speculative” unit could be used for “illicit” purposes.<\/p>\n

At about 1500 GMT, the digital currency slid 12.57 percent to $47,946, while rival ethereum declined 15 percent to $1,539.<\/p>\n

Tesla boss Elon Musk\u2014whose company has invested heavily in bitcoin\u2014tweeted Saturday that the prices of both cryptocurrencies “seem high”.<\/p>\n

Yellen hit out Monday over bitcoin, claiming it was inefficient and required a vast amount of energy\u2014and she expressed fear it was used for “illicit” reasons.<\/p>\n

“I don’t think that bitcoin… is widely used as a transaction mechanism. To the extent it’s used, I fear it’s often for illicit finance,” she said at an event hosted by the New York Times.<\/p>\n

“It’s an extremely inefficient way of conducting transactions. And the amount of energy that’s consumed in processing those transactions is staggering.<\/p>\n

“But it is a highly speculative asset, and I think people should beware. It can be extremely volatile, and I do worry about potential losses that investors in it could suffer.”<\/p>\n

Tuesday’s slump came after bitcoin had blazed a record-breaking trail to peak at $58,350 on Sunday.<\/p>\n

The total value of all bitcoin had surpassed $1.0 trillion on Friday.<\/p>\n

One week ago, bitcoin blasted past $50,000 after Musk’s electric carmaker Tesla revealed it had invested $1.5 billion in the unit.<\/p>\n

Bitcoin also vaulted higher in recent weeks after corporate giants\u2014including investment fund BlackRock, New York bank BNY Mellon and credit card titan MasterCard\u2014embraced the digital unit.\n <\/p>\n\n

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Bitcoin market hits $1.0 trillion in value\n <\/p><\/div>\n

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\n \u00a9 2021 AFP<\/p>\n

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Citation<\/strong>:
\n Record-breaking Bitcoin tumbles on Yellen warning (2021, February 23)
\n retrieved 23 February 2021
\n from https:\/\/techxplore.com\/news<\/a>\/2021-02-record-breaking-bitcoin-yellen.html<\/p>\n

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