Janet Yellen Liquidates $3.5 Billion Longs With Bearish Comments

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New US Treasury Secretary Janet Yellen is not a Bitcoin fan. Ever since she was nominated to the position by the Joe Biden administration, the cryptosphere has been anxious to find whether her stance on Bitcoin had changed in the past few years.

On Monday, just as European stock markets had suffered some profit taking and Bitcoin was coming off a weekend where it touched $58,500, her harsh comments on cryptocoins pulled a support that seemed to hold up most cryptocoins in the CoinMarketCap top 10.

Except for XRP, which was anxiously awaiting results from it’s first meeting with the SEC, all coins dropped by near or more than 10%.

DealBook

Whereas in the beginning of the afternoon it seemed like a normal market selloff, it soon became clear that Yellen had ripped into the highest valued cryptocurrency Bitcoin as she termed it “highly speculative” and “inefficient” for transactions.

Total is coming down to about $3.5 billion in today alone.

— Larry Cermak (@lawmaster) February 22, 2021

Speaking at the 2021 DealBook DC Policy Project, Ms Yellen said:

Bitcoin is an extremely inefficient way of conducting transactions and the amount of energy that’s consumed in processing those transactions is staggering.

I’m worried about janet yellens extremely inefficient use of private air travel and her illicit activity in the form of speaking bribes. https://t.co/tEytXlSEUh

— AMERICAN HODL (@AMERICANHODL3) February 22, 2021

According to the head researcher at the Block, Larry Carmak, Yellen’s words thus liquidated some $3.5 billion in long positions in Bitcoin.

Larry Cermak said:

Looks like there was $1.5 billion in liquidations on Binance alone today. Absolutely fucking nuts. Total is coming down to about $3.5 billion in today alone.

FedBul / Depositphotos.com