Bitcoin hits lowest since mid-Feb, falls below $50k; Yellen calls the cryptocurrency highly speculative – The Economic Times Video

Bitcoin dropped below $50,000 on Monday, hitting its lowest level since mid-February, as investors worried that its price may have gotten too high, too fast. The world’s largest cryptocurrency in terms of volume fell to as low as $47,400, its weakest in one week. At one point, it lost nearly 17% of its value, or about $160 billion from its total market capitalization. The US Treasury Secretary Janet Yellen today ripped into the world’s most famous and highest valued cryptocurrency Bitcoin as she termed it “highly speculative” and “inefficient” for transaction.