Bitcoin’s Price Tumbles After US Regulator Says It Can Be Used For ‘Illicit’ Purposes

(FILES) In this file photo taken on December 17, 2020 shows shows a physical imitation of a Bitcoin at a crypto currency “Bitcoin Change” shop, near Grand Bazaar, in Istanbul. Ozan KOSE / AFP


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.

At about 1500 GMT, the digital currency slid 12.57 percent to $47,946, while rival ethereum declined 15 percent to $1,539.

Tesla boss Elon Musk — whose company has invested heavily in bitcoin — tweeted Saturday that the prices of both cryptocurrencies “seem high”.

READ ALSO: Bitcoin Market hits $1 Trillion In Value

Yellen hit out Monday over bitcoin, claiming it was inefficient and required a vast amount of energy — and she expressed fear it was used for “illicit” reasons.

“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.

“It’s an extremely inefficient way of conducting transactions. And the amount of energy that’s consumed in processing those transactions is staggering.

“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.”

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

The total value of all bitcoin had surpassed $1.0 trillion on Friday.

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

Bitcoin also vaulted higher in recent weeks after corporate giants — including investment fund BlackRock, New York bank BNY Mellon and credit card titan MasterCard — embraced the digital unit.

AFP

GamalNasser:
Where are all the foolish Biden Supporters

Billyonaire666:
Makes no sense.

If you invest $100K on bitcoin as a store of value, you will expect it to double in value within a very short period of time, as a smart investor, you should withdraw the $100K in 3 digits batches and have just your profit sitting there to the moon.

The crypto future guarantees enjoyable future without work.

Just invest in future tech IPOs and ICOs and sit back and read books and watch movies and 'eat' from your money working in the hands of tech engineers and their technologies.

Savvy?

This is the future that your dull Federal Government is too ignorant to foresee.

Billyonaire666:
Makes no sense.

If you invest $100K on bitcoin as a store of value, you will expect it to double in value within a very short period of time, as a smart investor, you should withdraw the $100K in 3 digits batches and have just your profit sitting there to the moon.

The crypto future guarantees enjoyable future without work.

Just invest in future tech IPOs and ICOs and sit back and read books and watch movies and 'eat' from your money working in the hands of tech engineers and their technologies.

Savvy?

This is the future that your dull Federal Government is too ignorant to foresee.

Help2020:
you made it look so easy.You're not a real investor.Every investors knows that nothing is sure in financial world.

priceaction:
First of all op, try to always edit your post. You guys will just come carry and paste without proof reading and removing all those junks inside. Na wa..
To the topic, It's been predicted several times. The ride to the top was so fast and swift all these days, so expect many cash out on that. Its gotten to her peak and its expected to drop drastically before consolidation. Even many thought its gonna happen at 50k.

What ever I see in few days and weeks I keep. No time for stories.

GamalNasser:
Where are all the foolish Biden Supporters

Rityonyi:


Are you in any crypto whatsapp group or telegram group, kindly link me up if you are in any of them. Thanks]

Monogamy:
It's already $45k.

If you have bitcoin, you better sell now cos the price will still come down further

priceaction:


Lol, nothing like that. I hate them with passion especially those telegram nonsense. Many of them are looking for free money to thief.
Are you following the cryp..to thread here? if not, check some of my comments or posts and trace it to the thread.

If you are totally new in cry..pto.. trading, i will send you some youtube videos that can really help you fast and open your eyes to many things. If you are interested sha. You may send me a pm. It may be 70% of what you need and be careful of many of those groups and telegram links (they will soon arrive that may turn out to be scam.

Billyonaire666:
Makes no sense.

If you invest $100K on bitcoin as a store of value, you will expect it to double in value within a very short period of time, as a smart investor, you should withdraw the $100K in 3 digits batches and have just your profit sitting there to the moon.

The crypto future guarantees enjoyable future without work.

Just invest in future tech IPOs and ICOs and sit back and read books and watch movies and 'eat' from your money working in the hands of tech engineers and their technologies.

Savvy?

This is the future that your dull Federal Government is too ignorant to foresee.

Queenlovely:
f