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Cryptocurrencies in red: Bitcoin slumps to USD 47,780, from an all-time high of USD 58,332.36, after Elon Musk’s tweet

09:34 AM Feb 23, 2021 | FPJ Web Desk

After a good run, popular cryptocurrency Bitcoin witnessed a slump in their valuation after Tesla’s founder Elon Musk posted a tweet. From touching a record high of USD 58,332.36 on 22 February (2.29 am), it is not trading at a low of around USD 52,296.51 at 8.39 am.

The cryptocurrency sank after Musk tweeted that the cryptocurrency has risen too high.

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According to Coindesk, USD 47,780.75 was the 24-hour low and USD 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.

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Bitcoin is not the only cryptocurrency that has seen down in value. At 8.59 am, other digital currencies like Ethereum (at USD 1,691.08), Stellar ( at USD 0.434), Cardano ( USD 1.03) and Chainlink ( USD 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 USD 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 USD 0.051. This is despite Musk praising Dogecoin through his tweets in the past. Musk recently purchased Dogecoin for his son 'X Æ A-12'.

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