On the hells of Yellen’s comments that Bitcoin is inefficient is very true, Bitcoin is incredibly costly in energy costs to operate. Worse is that transactions are very slow. Yellen also correctly observed that Bitcoin is widely used for illicit purposes.
The secondary market has also tumbled with many falling as much as 17% from the recent highs. The expectations from miners is not consistent with economic reality. Look at the lower cost for mining for clarity.
The environmental impact of coin mining is also brutal. Many operations use over 100 kW of power. So much for green computing initiatives.
The irrational exuberance is clear that many in mining do not realize. The bubble is an economic fact. How long the correction runs is anyone’s guess.
The bond market has been rising to pressure the treasury to slow bond redemptions. The economy is awash with cash and banks are solvent so rates can begin to normalize.