Bitcoin dropped by over $5,000 on Monday over worries that the crypto currency prices are highly over-inflated.
The Crypto-Currency dropped by eight per cent to $53,000, from the $58,000 which it was on Sunday.
The drop came after it reached a major milestone on Friday as the market value rose to about $1trn.
The Crypto-Currency had risen over 60 per cent in February alone supported by backings of big companies who plan to accept Crypto-Currencies in the near future.
Tesla Incorporated founder and Chief Executive Officer, Elon Musk, recently invested $1.5bn in Bitcoin, a move which triggered the price of the currency.
But in a tweet on Saturday, Musk expressed concern over the price of the currency.
He said in a tweet that Bitcoin and Ethereum prices “do seem high.”
JPMorgan Chase & Co. strategists had recently warned about Bitcoin’s declining liquidity.
The firm said that the rally of the most traded crypto was unsustainable saying there may be no buyers to keep Bitcoin at record highs.
