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- Bitcoin (BTC) tanked by 17%
- Bitcoin recovered 50% losses
- Elon Musk interest in cryptocurrency waning
Bitcoin (BTC) gained some of its lost ground after a 17% plunge due to Elon Musk’s sudden announcement that Tesla will stop accepting Bitcoin as payments for its electric cars. Yahoo Finance reports that BTC is again trading above $50,000 in Asian markets on Tuesday.
According to Reuters, Bitcoin (BTC) suffered a 17% fall before recovering some lost ground in the Asian market on Thursday. The world’s number one digital coin fell from $54,819 to $45,700, its lowest since March 1. Elon Musk tweeted that Tesla will cease accepting Bitcoin payments for its wares, and in two hours value of Bitcoin fell steeply in just two hours. However, it recovered half its losses in the Asian session and last traded at $51,099.
Ether also fell but regained ground.
The number two crypto coin Ether also felt the effects of Elon Musk’s tweet. Its values crashed by 14% and touched $3,550 at one stage. It, however, made a recovery and was above $4000 till last reports.,
Musk, in his tweet, had mentioned the environmental damage caused by Bitcoin mining since it is an energy-gobbling process.
In February, Tesla announced that it would accept Bitcoin as payments for its electric-powered cars. It also made an investment worth $1.5 billion in Bitcoin. It was one of the reasons which led to a surge in prices of BTC. Musk, however, had added that Tesla will not sell Bitcoin and will again start accepting BTC once it began to use more environment-friendly energy sources for mining.
A waning of interest
Yahoo Finance quoted a researcher at NLI Research Institute Makoto Sakuma, who said that the issue of massive energy use in Bitcoin crypto mining is known for some time now. The Tesla CEO asked users to exercise caution while investing in crypto coins, his calling Dogecoin a hustle, and the latest Tesla bombshell all point out that his interest in cryptocurrencies is waning.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
