{"id":113848,"date":"2021-02-22T15:42:55","date_gmt":"2021-02-22T15:42:55","guid":{"rendered":"https:\/\/precoinnews.com\/?p=113848"},"modified":"2021-02-22T15:42:55","modified_gmt":"2021-02-22T15:42:55","slug":"bitcoin-tanks-10-after-elon-musk-says-prices-seem-high","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/bitcoin-tanks-10-after-elon-musk-says-prices-seem-high\/","title":{"rendered":"Bitcoin tanks 10% after Elon Musk says prices seem high"},"content":{"rendered":"<ul>\n<li>Bitcoin sank over 10% to a price of $51,993 Monday morning, according to data from Coin Metrics.<\/li>\n<li>On Saturday, Tesla CEO Elon Musk said the prices of bitcoin and rival token ether seemed excessive.<\/li>\n<li>The digital coin is still up more than 70% so far this year.<\/li>\n<\/ul>\n<p>Bitcoin slid Monday, pausing its stunning rally after Elon Musk said prices &quot;seem high.&quot;<\/p>\n<p>The world&#x27;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.<\/p>\n<p>It wasn&#x27;t immediately clear what was behind bitcoin&#x27;s move lower Monday. On Saturday, Tesla&#x27;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.<\/p>\n<p>As of 10:17 a.m. ET, bitcoin was trading around 9% lower at a price of $52,778.<\/p>\n<p>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 \u2014 it&#x27;s now back below that mark, according to CoinDesk. The token has gotten a boost from news of major Wall Street Banks and Fortune 500 companies warming to cryptocurrencies.<\/p>\n<p>Musk recently came out as a believer in bitcoin, calling it a &quot;good thing&quot; and saying he thinks it&#x27;s &quot;on the verge of getting broad acceptance by conventional finance people.&quot;<\/p>\n<p>Earlier this month, Tesla said it had bought $1.5 billion worth of bitcoin and would accept the crypto as payment for its products. The electric vehicle maker made roughly $1 billion in paper profits from its bitcoin investment, according to Wedbush Securities&#x27; Dan Ives.<\/p>\n<p>Tesla is &quot;on a trajectory to make more from its Bitcoin investments than profits from selling its EV (electric vehicle) cars in all of 2020,&quot; Ives estimated in a note published Saturday.<\/p>\n<p>Bitcoin is getting traction from mainstream investors, in part due to the perception that it is a store of value similar to gold. Bitcoin bulls have tried to make the case that investors should add the cryptocurrency to their portfolio to hedge against a potential rise in inflation.<\/p>\n<p>But skeptics aren&#x27;t convinced. Analysts at JPMorgan said in a note last week that bitcoin is an &quot;economic side show,&quot; and that the rise of digital finance \u2014 not bitcoin \u2014 is the &quot;real financial transformation story of the Covid-19 era.&quot;<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/02\/22\/bitcoin-btc-price-down-10percent-after-elon-musk-says-prices-seem-high.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin sank over 10% to a price<\/p>\n","protected":false},"author":3,"featured_media":113847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin tanks 10% after Elon Musk says prices seem high - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/bitcoin-tanks-10-after-elon-musk-says-prices-seem-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin tanks 10% after Elon Musk says prices seem high - 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