{"id":114000,"date":"2021-02-23T18:19:20","date_gmt":"2021-02-23T18:19:20","guid":{"rendered":"https:\/\/precoinnews.com\/?p=114000"},"modified":"2021-02-23T18:19:20","modified_gmt":"2021-02-23T18:19:20","slug":"bitcoin-is-cratering-again-showing-why-people-should-be-cautious-before-investing-in-cryptocurrency","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-is-cratering-again-showing-why-people-should-be-cautious-before-investing-in-cryptocurrency\/","title":{"rendered":"Bitcoin is cratering again, showing why people should be cautious before investing in cryptocurrency"},"content":{"rendered":"
Bitcoin's roller-coaster ride has continued, flashing a warning sign for curious investors who may be interested in putting money in the highly speculative cryptocurrency.<\/p>\n
The digital asset soared to a fresh all-time high, nearing $58,000 per coin on Sunday, according to data from Coin Metrics. But on Monday, the rally reversed after a slew of criticism from high-profile players.<\/p>\n
First, Tesla CEO Elon Musk tweeted over the weekend that the price of bitcoin seemed high just as the currency surpassed a $1 trillion market value. Then, on Monday, Treasury Secretary Janet Yellen said that bitcoin is an "extremely inefficient way of conducting transactions."<\/p>\n
That spurred a slump, sending bitcoin down more than 10% on Monday. On Tuesday, the fall continued, with the currency sliding another 10% to about $48,000.<\/p>\n