After a record-breaking rise to $58,354 over the weekend, the price of the world’s most traded cryptocurrency has been dramatically losing its value as U. Treasury Secretary Janet Yellen weighed in on the cryptocurrency’s recent rally.
The price of Bitcoin has dropped again on Friday, tumbling to as low as $44,286 according to CoinMarketCap, a portal.
As of 08:02 GMT, Binance data showed Bitcoin was trading down 10.67 percent, at $45,126. The CoinMarketCap portal, which calculates the average price for more than 20 exchanges, showed the the cryptocurrency had fallen in price by 10.71 percent, slipping to $45,115.
The digital currency dropped as much as 10 percent, wiping out billions from the market. The recent plunge highlights the high volatility of the currency after its price climbed record heights, taking its year-to-date gains to 81 percent. By that time, Bitcoin’s market capitalisation surpassed $1 trillion.
Earlier this week, US Treasury Secretary Janet Yellen told at the DealBook DC Policy Project that Bitcoin was “extremely insufficient” for carrying out transactions, dubbing it a “highly speculative asset”. Following Yellen’s remarks, Bitcoin’s price started to descend.