Bitcoin plunged as much as 17 percent on Monday.
At one point, the digital asset briefly dropped below the $50,000 level, falling as low as $47,700.
On Saturday local time, Elon Musk tweeted his concerns that the price had risen too high and too quickly.
U.S. Treasury Secretary Janet Yellen also warned on Monday that the digital token is a highly speculative asset and she is worried about investors losing their money.
Bitcoin's price broke above $50,000 for the first time on February 16th.
The cryptocurrency was up more than 60% in February alone and its price has gained roughly 350% during the past six months.
The Conference Board Leading Economic Index for the U.S. rose zero.five percent in January to one hundred ten point three (110.3).
The figure follows a zero point nine percent increase in November and a zero.four percent increase in December.
January marks the ninth straight monthly rise for the index.
The Conference Board stated that it expects the U.S's economic growth to gradually improve over the first half of 2021.
U.S. President Joe Biden on Monday local time announced changes to the U.S. coronavirus aid program for small businesses in an effort to reach smaller and minority-owned firms.
For two weeks beginning on Feb. 24th, the aid program will only accept loan applications from firms with fewer than 20 employees.
The program also plans to set aside 1 billion dollars to direct towards business owners with employees such as home contractors, which are majority owned by women and people of color.
SEO Eunkyung, Arirang News.