An update on Bitcoin.
|After a huge surge on the market the last two weeks, Bitcoin fell sharply today.
The currency fell six per cent, $54,941 after trading at $58,354 yesterday.
It went below 50,000 in New York.
The currency was rising quickly the past two weeks because of Tesla Inc. and Institutional investors who say Bitcoin is an attractive alternative to gold and dollar.
The currency rosed over 60 per cent within the last two weeks.
At 9:49 a.m. this morning in New York, Bitcoin was trading at $52,773.
The reason for the decline is probably the result of a recent tweet by the CEO of SpaceX, Elon Musk.
In the tweet, Musk voiced his concerned about the currency's price rising too far too quickly.