Elon Musk’s embrace of Bitcoin earlier this month rocketed the cryptocurrency almost 50% higher to more than $58,000. His cold shoulder this weekend whipsawed the largest digital asset.
Bitcoin was down about 5.6% after plunging as much as 17% earlier Monday. The digital asset briefly drifted below $50,000, giving up more than $8,000 in a matter of hours after the world’s richest man tweeted his concern that the price had risen too high too quickly.
“Elon and his fleet have incredible power over market prices,” said Mati Greenspan, founder of Quantum Economics, comparing Musk’s influence over the digital asset’s price moves to Warren Buffett.
Long-time Bitcoin skeptic and now Treasury Secretary Janet Yellen also offered a stark warning, saying at a New York Times conference on Monday that the token is an “extremely inefficient way of conducting transactions.”