News – AU – Bitcoin falls after Elon Musk indicated prices are too high

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Elon Musk’s embrace of Bitcoin last week pushed the cryptocurrency up 20% to over 58$ 000 rises It’s cold shoulder this weekend in free fall

Elon Musk’s adoption of Bitcoin last week pushed the cryptocurrency by 20% to over 58$ 000 rises It’s cold shoulder this weekend in free fall

Bitcoin fell more than 16% in New York and fell back below 50$,000 and gave more than $ 8 in a matter of hours$ 000 after the richest man in the world tweeted his concerns about the price hike too fast

The world’s largest cryptocurrency got a rift this month, fueled by purchases from Tesla Inc and institutional investors who say Bitcoin is an attractive alternative to gold and dollars

In February alone, Bitcoin was up more than 60%, leading to the comment that the ramp-up is excessively high, with the digital token hitting a new all-time high on Sunday, exceeding nearly 59$ 000

It is widely believed that volatile weekend swings are driven by people trading the cryptocurrency at home, so it’s also possible that prices fell on Monday, as institutional crypto traders, following normal business hours, on Musk’s Saturday tweet replied that Bitcoin prices “appear high”

Most of the time, it’s because of a massively long speculative market, combined with Elon Musk saying it looks a bit over the top, “said Jeffrey Halley, senior analyst at Oanda Corp.

Meanwhile, JPMorgan Chase & Co Strategists have warned of the decline in Bitcoin’s liquidity Strategist Nikolaos Panigirtzoglou wrote in a note on Friday that liquidity for the digital coin is lower than for the S&P 500 index and gold, meaning that “even small flows have big effects can have the price, ”he wrote

“It should go without saying that new Bitcoin investors should be prepared for high volatility and that prices should suddenly fall as much as they rose,” said Neil Wilson, chief analyst at Marketscom

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Bitcoin, Elon Musk, cryptocurrency, Tesla, Inc

News – AU – Bitcoin falls after Elon Musk indicated prices are too high

Source: https://www.livemint.com/market/cryptocurrency/bitcoin-tumbles-after-elon-musk-hints-that-prices-are-excessive-11614003831578.html