Bitcoin slides another 16%, falling below $50,000

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CNBC:

  • Bitcoin plunged 16% in the last 24 hours, sinking below $50,000 to trade as low as $45,389.
  • Treasury Secretary Janet Yellen called bitcoin “extremely inefficient” and warned about its use in illicit activity.
  • After hitting $1 trillion in market value for the first time last week, bitcoin is now worth less than $900 billion.

On Monday, Yellen called bitcoin an “extremely inefficient way of conducting transactions” and warned about its use in illicit activity. She also sounded the alarm about bitcoin’s impact on the environment. The token’s wild surge has reminded some critics of the sheer level of electricity required to produce new coins. Read More

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