After a good run, popular cryptocurrency Bitcoin witnessed a slump in valuation after Tesla founder Elon Musk posted a tweet. From touching a record high of $58,332.36 on 22 February (2.29 am), it is now trading at a low of around $52,296.51 at 8.39 am.
It sank after Musk tweeted that the cryptocurrency has risen too high.
According to Coindesk, $47,780.75 was the 24-hour low and $56,822.45 was the 24-hour high. The return on the currency was down by 8.47 per cent in the 24-hour period.
Bitcoin is not the only cryptocurrency that has seen down in value. At 8.59 am, other digital currencies like Ethereum (at $1,691.08), Stellar (at $0.434), Cardano ($1.03), and Chainlink ($29.03) saw a drop in value by 11.02 per cent, 9.22 per cent, 2.35 per cent, and 10.94 per cent respectively in the last 24 hours. Meanwhile, XRP was up by 1.75 per cent at $0.538.
Meanwhile, meme-based cryptocurrency, Dogecoin, was down 9.33 per cent in a 24-hour period (at 9.09 am). The value of this currency stood at $0.051. This despite Musk praising Dogecoin through his tweets in the past. Musk recently purchased Dogecoin for his son X Æ A-12.