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Bitcoin continued to decline on Tuesday, amid concerns that the digital currency has become overpriced following recent surges that were supported by increased institutional demand.
In addition, recent remarks by billionaire Elon Musk suggested that the price of both Bitcoin and Ethereum does seem high increased selling pressure on the world’s largest cryptocurrency.
A $1.5 billion investment by Musk’s Tesla helped Bitcoin recently reach new all-time highs.
Similarly, Bill Gates recently suggested that people should be careful about investing in Bitcoin.
Bitcoin fell by about 11.4% over the past 24 hours to $48,738, erasing all of its gains over the past seven days, turning to a loss of 1.65%.
On Sunday, Bitcoin traded above a record $58,112 before starting a downward trend.
