Prices of Bitcoin and other cryptocurrencies fell on Tuesday, after a strong warning from Treasury Secretary Janet Yellen.
“It’s an extremely inefficient way to conduct transactions, and the amount of energy consumed in processing those transactions is staggering,” Yellen said in an interview with the New York Times’ Dealbook late Monday. This is not the first time he has criticized the cryptocurrency, which he said is often used for illegal transactions.
However, Yellen also said that digital currencies could stay here and that a “digital dollar” could serve as an easier payment system for many Americans who do not have that access.
BTCUSD bitcoin price,
it last fell 14% to $ 47,891, a level it has not seen in about a week, but has risen 73% so far this year. The losses were not limited to bitcoin, with the prices of ether, the currency that is above the ETHUSD ether,
platform, 20% discount and for XRP XRPUSD,
which is related to Ripple, down 22%.
The former president of the Federal Reserve stated since the takeover of the Treasury that her department will closely analyze bitcoin, and a possible regulation will appear.
It’s just a “temporary halt to the game,” he said Stephen Innes, Axi’s lead global market strategist, in a note to clients. “Apart from the huge interest of the Middle East consortium in trading the bitcoin ETF on the Toronto Stock Exchange, which must physically cover, but if corporations start adding physical currencies to the balance sheet this year, this is the game-changing panacea.” he said.
Bitcoin recently surpassed a market value of $ 1 trillion for the first time, and the big moves seen this year have attracted more investors and interest from companies such as electric car maker Tesla TSLA,
which earlier this month revealed a $ 1.5 billion investment in bitcoin and plans to accept it as a payment in the future. And the credit card giant Mastercard MA,
He also said he would allow merchants to accept some cryptocurrencies in his network later this year.
Read: Tesla bitcoin gambling has already earned $ 1 billion, more than 2020 profit from car sales, analyst estimates
But bitcoin had a volatile start to the week, which fell on Monday in a move that some blamed on the Tesla TSLA,
Executive Director Elon Musk. Over the weekend, he wrote on Twitter that “BTC and ETH look great, lol,” in response to Euro Pacific Capital CEO Peter Schiff, who defended gold over bitcoin. “Gold is not BS. It’s real money and better than both! ”
That back-and-forth between Musk and Schiff continued on Tuesday, with the latter criticizing the bitcoin approach of the CEO of electric cars. Musk responded with an eggplant emoji, which some deduced was his way of dismissing the comment. The emoji was banned by the social group Facebook on its Instagram unit on phallic symbolism and food.