Bitcoin (BTC) Price Falls 15% to $45,000 After Yellen Issues a Warning

Bitcoin (BTC) is trading about 15% lower today to extend the pullback that has started yesterday. At one point, the price action was trading over 20% off the record highs set on Sunday.

Yesterday, Treasury Secretary Yellen issued another warning that Bitcoin, and other altcoins, pose a danger.

“I don’t think that bitcoin … is widely used as a transaction mechanism. To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering,” she told CNBC.

“It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer,” Yellen added.

Bitcoin hit all-time highs above the $58,000 mark on Saturday after a series of positive developments that have accelerated the mass cryptocurrency adoption. However, Yellen isn’t really a fan of using crypto as a payment method.

“I think it could result in faster, safer and cheaper payments, which I think are important goals,” Yellen added.

Bitcoin price started pulling back yesterday after Tesla’s Elon Musk admitted that prices “seem high.”

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