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Bitcoin Declines After Musk Hints That Prices Are Excessive

  • Crypto sank as much as 17% in its biggest slide since March
  • Tesla CEO tweeted on Saturday that prices ‘seem high’
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Bitcoin Hits $1 Trillion Market Value
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Elon Musk’s embrace of Bitcoin earlier this month rocketed the cryptocurrency almost 50% higher to more than $58,000. His cold shoulder this weekend whipsawed the largest digital asset.

Bitcoin was down about 5.6% after plunging as much as 17% earlier Monday. The digital asset briefly drifted below $50,000, giving up more than $8,000 in a matter of hours after the world’s richest man tweeted his concern that the price had risen too high too quickly.