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Bitcoin declines after Tesla CEO Elon Musk hints that prices are excessive

Bitcoin plunged as much as 17 per cent and briefly back below $50,000 in New York

bitcoin, cryptocurrency, digital
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In February alone, Bitcoin was up more than 60 per cent, prompting commentary that the run-up is excessive

Bloomberg
Elon Musk’s embrace of Bitcoin earlier this month week rocketed the cryptocurrency almost 50 per cent higher to more than $58,000. His cold shoulder this weekend has it in free fall.

Bitcoin plunged as much as 17 per cent and briefly back below $50,000 in New York, giving up more than $8,000 in a matter of hours after the world’s richest man tweeted his concern that the price had risen too far too quickly.

”Whatever he (Elon) does is going to dominate the news stream,” ” said Ed Moya, senior market analyst at Oanda Corp

The world’s largest cryptocurrency has been on a

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