Sharp fall in bitcoin continues

 

The downward momentum in Bitcoin, which fell sharply on Monday, continued at a rapid pace. While the daily decline exceeds 10 percent, some technical indicators also signaled overbought in the cryptocurrency.

The rapid decline in the crypto currency continued after the statement of Tesla's boss, Elon Musk, who brought Bitcoin to the top, about the excessive pricing of the crypto currency.

Cryptocurrency, which fell by up to 17 percent on Monday, also fell by more than 10 percent on Tuesday. The crypto money, which broke a record by approaching $ 59,000 over the weekend, was withdrawn after the last sales of $ 48,000.

Although there has been a rapid decline in recent pricing, Bitcoin prices have made a 66 percent premium since the beginning of the year.

Following the statements of Elon Musk, the critical statements of US Treasury Secretary Janet Yellen and Microsoft's boss Bill Gates were also prominent in the crypto money market. Yellen also warned about Bitcoin at a conference hosted by the New York Times, saying, "Bitcoin is highly speculative, people should be careful, Bitcoin is often used for illegal finance, it is inefficient."

While the statements supported the criticism of Bitcoin, some technical indicators also received signals of overbought. The relative strength index signaled an overbought level in Bitcoin.

Musk lost billions of dollars

Elon Musk lost $ 15.2 billion after a drop in Tesla stocks on Monday, slipping to second place in the list of the richest people in the world.

Tesla, which experienced its biggest decline since September, had previously added $ 1.5 billion worth of Bitcoin to its balance sheet. According to analysts' evaluations, the drop in stocks was due to Musk's statement that Bitcoin and Ethereum were above their value over the weekend.