Bitcoin price has fallen sharply from record highs after the world’s richest man Elon Musk tweeted his concern

Bitcoin is an online currency that was created from computer code How does it work and why is it used?

The price of Bitcoin fell 17 percent on Monday after hitting a record high of 74Had reached $ 019 on Sunday

The volatile cryptocurrency fell to 65$ 20459 before ground regaining At 730am AEDT the value was down to 68676 USD valued84

The slide came just hours after billionaire Elon Musk tweeted that Bitcoin and Ethereum “appear high”

The comment comes after Tesla has invested nearly $ 2 billion in the cryptocurrency, the company has already raised around $ 1 and 26 billion in profits from that investment

The Tesla CEO’s tweets previously impacted the markets A comment on the Tesla stock price dropped it in May 2020

“Elon and his fleet have incredible power over market prices,” said Quantum Economics founder Mati Greenspan

In 2017, Bitcoin price fell 45 percent after hitting new highs, and cryptocurrency grew 305 percent in 2020

Will Hobbs, CEO of Barclays Wealth & Investments, told Insiders that he is avoiding cryptocurrency because of its wild fluctuations

Newly appointed Treasury Secretary Janet Yellen said at a press conference on Monday that Bitcoin was “an extremely inefficient way to conduct transactions”

On 9 February, Tesla announced that it would accept Bitcoin as payment for its cars and other products in the near future. Last October, PayPal announced that consumers would be able to conduct transactions in cryptocurrency

American investor and founder of Gemini cryptocurrency exchange Tyler Winklevoss said the history of Bitcoin has always been “two steps forward, one step back, then two steps forward” “Few understand that,” he wrote on Twitter

When the price hit record highs on Sunday, the mysterious and suspected Bitcoin founder Satoshi Nakamoto became one of the richest men in the world

Satoshi Nakamoto is the name used by the suspected pseudonymous person or people who developed Bitcoin, and if it exists, it is rich, very rich

It is believed that Satoshi set aside a million coins when creating the cryptocurrency

That would have brought his net worth to $ 74 billion. But those million coins were never touched

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World News – AU – Bitcoin price is falling sharply