On Tuesday, Bitcoin fell as much as 6% in Asian trade and is trading below $50,000. After Bitcoin hit new record highs above $58,300 over the weekend, prices fell. US. U.S. "Bitcoin was identified by Treasury Secretary Janet Yellen as a "highly volatile asset" that is inefficient for transactions. After the price hit close to $59,000 for the first time this year, Bitcoin experienced the most remarkable rally in its entire history this year.