Bitcoin tanks 10% after Elon Musk says prices seem high

Bitcoin slid Monday, pausing its stunning rally after Elon Musk said prices "seem high."The world's most valuable cryptocurrency sank over 10% to a price of $51,993 Monday morning, according to data from Coin Metrics. At one point, bitcoin had dipped below the $50,000 level, falling as low as $47,700.It wasn't immediately clear what was behind bitcoin's move lower Monday. On Saturday, Tesla's CEO said the prices of bitcoin and rival token ether seemed excessive. Bitcoin rallied to more than $58,000 on Sunday, but has since reversed course.As of 10:17 a.m. ET, bitcoin was trading around 9% lower at a price of $52,778.The digital coin is still up more than 70% so far this year. Last week, bitcoin hit $1 trillion in market value for the first time — it's now back below that mark, according to CoinDesk. The token has gotten a boost from news of major Wall Street Banks…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE