Bitcoin Crashes As Elon Musk Halts Its Payment For Tesla Cars

'Dotun Akintomide
Writer

Ad

Marwa, A Man of Uncommon Grace at 72

By Femi Babafemi I have had the privilege of knowing Brig Gen Mohamed Buba Marwa (rtd) for about 30 years. As a young reporter, I observed from a working distance the metamorphosis of a military administrator who was unlike any other—an enigma committed as much to his work as to becoming a paragon of excellence…

Thailand’s former PM Thaksin Shinawatra to Serve One-year Prison Term For Previous Convictions

Thailand’s Supreme Court said former Prime Minister Thaksin Shinawatra must serve a one-year prison term for previous convictions. The court was investigating whether officials had mishandled his return to Thailand in 2023 to begin serving the sentences. Following his return to Thailand after more than a decade of living in self-exile, Thaksin was sent to…

Cuts to US oil jobs and spending threaten output growth

The U.S. oil industry has laid off thousands of workers and cut billions in spending due to lower oil prices and the biggest consolidation in a generation, in what could mark the end of the rapid output growth that made the U.S. the world's top producer. The Organization of the Petroleum Exporting Countries and its…

Ad

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.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp