Bitcoin slid Monday, pausing its stunning rally after Elon Musk said prices “seem high”, CNBC reports.
The world’s most valuable cryptocurrency sank over 10% to a price of $51,993 Monday morning, according to data from Coin Metrics. At one point, bitcoin had dipped below the $50,000 level, falling as low as $47,700.
According to CNBC, it wasn’t immediately clear what was behind bitcoin’s move lower Monday. On Saturday, Tesla’s CEO said the prices of bitcoin and rival token ether seemed excessive. Bitcoin rallied to more than $58,000 on Sunday but has since reversed course.
