The US Treasury Secretary Janet Yellen while speaking at the virtual conference, that was hosted on Monday by the New York Times said one of the leading cryptocurrency ‘Bitcoin’ to be an extremely inefficient way of conducting transactions. The Bitcoin cryptocurrency fell to $47,400, a one-week low. Moreover, at one point it even lost 17% of its value.
The Secretary said that Bitcoin is an extremely inefficient way of conducting transactions, and also added that the amount of energy consumed at the time of processing the transaction is incredible. However, the traders say that it fell due to a sell-off in global equities which has curbed risk appetite.
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