The bitcoin market slumped after Elon Musk, CEO of Tesla, an American electric car company, said the price of bitcoin seemed to be high.

In addition, as Tesla, who invested in Bitcoin, was affected by a sharp decline in the market price, the stock price fell sharply, and Musk's wealth also evaporated nearly 17 trillion won in one day.

On the 22nd of the local time, CNBC broadcaster, a media specialized in economics, reported that the price per bitcoin once fell below $50,000 to $47,700, citing data from the cryptocurrency data provider CoinMatrix.

The broadcast said, "After Musk said the price of bitcoin seemed to be high, the price of bitcoin slipped and stopped."

Musk on Twitter on the 20th refuted Euro Pacific Capital CEO Peter Sipper's opinion that gold investments are better than Bitcoin, but said that the cryptocurrency Bitcoin and Ethereum "looks like the price is high".

Bitcoin declined 5-8% on the same day, repeating its fluctuations at the 52,000-53,000 dollar level, and Ethereum was pushed back to the 1700 dollar level, which was once more than 12% down.

Apart from Musk's remarks, there were warnings that the price volatility would increase even in the slightest news as bitcoin liquidity is limited.

In addition, Musk's bitcoin tweet helped drive Tesla's share price down, closing the market at $714.50, down 8.55% that day.

CNBC broadcast said this was the biggest drop in five months since September 23 last year.

In the aftermath of the surge in US Treasury yields, large technology stocks such as Tesla fell all at once in the New York Stock Market, but Tesla, which invested in Bitcoin, was more affected.

The Bloomberg news agency reported that Musk's fortune also evaporated $15.2 billion in one day and KRW 16.9 trillion in our money due to the decline in Tesla stock prices. 

(Photo = Getty Image Korea)