The wild ride in Bitcoin continues in Tuesday’s Asian trading, as the BTC sellers are back in control, knocking off prices by almost 11%.
Although, strong bids emerged just above $48,500 levels, prompting the flagship cryptocurrency to stage a quick recovery back beyond the $50,000 mark.
The volatility around the most favorite digital remains elevated, as markets rethink the recent record rally, in the wake of the cautious comments from US Treasury Secretary Janet Yellen, Tesla’s founder Elon Musk and Microsoft co-founder Bill Gates.
Billionaire Elon Musk tweeted last Saturday that its value ‘seems high’ last Saturday. Meanwhile, Yellen said that the granddaddy of cryptocurrencies is extremely inefficient for conducting transactions. Her comments triggered Monday’s 17% flash crash from near-record highs reached at $58,367 on Sunday, as the rates fell as low as $46,700.
more to come …
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