Bitcoin swiftly lost altitude early on Monday, dropping over 15% to below $50,000 before rebounding somewhat. The downward price movement came after bitcoin reached new record highs above $58,300 over the weekend.
The drop seemed to accelerate as U.S. Treasury Secretary Janet Yellen, speaking at a New York Times event, described bitcoin as “highly speculative asset” that is extremely inefficient for transactions. Yellen also called the amount of energy consumed in processing those…
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