Bitcoin falls after Musk’s comment

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The price of Bitcoin, the world’s most popular cryptocurrency, has fallen by 6.9 per cent in the last 24 hours, data from coinmarketcap.com showed.

The data showed that the price of the digital currency has slumped by almost 7 per cent after the CEO of electric car maker (Tesla), Elon Musk, said Bitcoin and Ethereum seemed high.

“Money is just data that allows us to avoid the inconvenience of barter,” Musk tweeted Saturday. “That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.”

In a follow-up post, he wrote: “that said, BTC & ETH do seem high lol,” in a response to a user who said gold was better than both bitcoin and cash.

Bitcoin touched an all-time high of $58,331 on Sunday, after crossing the $1 trillion market capitalisation mark last Friday.

On Monday, the digital currency experienced an intraday low of $48,968 and a high of $58,331.

According to the data, the currency exchanged for $53,260.94 as at 5:17P.M Nigerian time.

Also, it showed that in the past seven days, Bitcoin saw a low of $46,348 and a high of $57,505.

However, the trading volume of the currency has increased by 39.5 per cent within the period under review.

While central banks across the world are still in a quest of identifying perfect ways of regulating the cryptocurrency market to curb illicit transactions, the currency has gained a wide range of adoption from high-profiled individuals who see the currency as the future.

Bitcoin has witnessed significant surge this month, majorly propelled by purchases from Mr Musk’s Tesla Inc. and institutional investors who believe that Bitcoin is an attractive alternative to gold and the U.S dollar.

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