Bitcoin’s value plunges after Elon Musk tweet citing energy concerns
The cryptocurrency Bitcoin’s price fell by 17 per cent following a tweet by Elon Musk expressing concern over energy consumption during mining of the crypto currency. Musk tweeted that Tesla will no longer accept bitcoins in lieu of its sale. After this, a huge decline was recorded in it. The Tesla company on Thursday morning refused to sell its vehicles in bitcoins due to climate concerns. With this, the price of the world’s largest cryptocurrency has dropped from $ 54,819 to $ 45,700 within just two hours after this tweet. This is its lowest price since March 1.
Bitcoin is currently priced at $ 50,654.58 at the Coindesk. It is currently down by 11.02 percent. At this rate, Bitcoin has a market cap of $ 947.66 billion. During the last 24 hours, the maximum price of bitcoin has been $ 58,036.51 and the lowest price has been $ 46,294.72. As far as returns are concerned, in the last one year, Bitcoin has given a return of 71.94%. Bitcoin’s all-time high price has been $ 64,829.14.
There was concern over the use of fossil fuels in bitcoin mining
Musk wrote in the tweet, “We are concerned with the rapidly increasing use of fossil fuels for bitcoin mining and transactions. Especially the use of coal which has the worst emissions of any fuel.” Tesla earlier this year had announced that it had bought $ 1.5 billion worth of bitcoins and would accept it in the purchase of its cars. After that the price of this cryptocurrency had risen significantly. However, Musk also said that Tesla would not sell any bitcoins and as soon as the mining turns into more sustainable energy, it will start accepting bitcoins again.
Bitcoin on top in terms of market cap
The number of investors is continuously increasing in the crypto market. The trend of investors for investment has also increased towards cryptocurrency. Bitcoin is at the top according to market capitalization. Since the year 2020, there has been a tremendous boom in bitcoin. Bitcoin is the most expensive and most popular in cryptocurrencies. Ethereum is at number two. Ethereum market cap. About $ 452,903,799,695. At the same time, the cost of one ethereum is about $ 3894.
