Bitcoin Crashes As Elon Musk Halts Its Payment For Tesla Cars

By: 'Dotun Akintomide
Cat:
Business

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Leading cryptocurrency, Bitcoin dropped to its lowest point in almost three weeks, Wednesday after Tesla CEO, Elon Musk said the electric-car company will discontinue accepting bitcoin as a form of payment due to environmental concerns.

In a tweet on Wednesday, Musk said:“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

The electric car maker will not sell Bitcoin, but intends to use the digital currency for transactions as soon as “mining transitions to more sustainable energy.”

Bitcoin, the world’s biggest digital currency by market capitalisation, fell nearly 8 percent after the tweet according to data from cryptocurrency exchange Coinbase.

At around 01:00 UTC on Thursday evening, bitcoin’s price fell from $54,800 to a low of $46,294, according to CoinDesk 20 data.

Prices have since rebounded slightly and are currently changing hands for around $48,500.

Hourly sell volume has also shot up to its highest point in over two days to levels not seen since May 10.

'Dotun Akintomide
'Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

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