The fall is a result of a massively long speculative market combined with Musk’s tweet where he said that the prices seem too high. The cryptocurrency plunged more than 16 per cent, below $50,000 in New York, giving up more than $8,000 early on February 22.
What is Bitcoin based on?
Bitcoin cannot be held or kept in a pocket or physical wallet like coins or paper currency; it is purely a computer-based means of exchange. Bitcoin is a fixed asset because there are only 21 million coins. Solving the advanced mathematical problems results in the mining of bitcoins.