Bitcoin Loses $8,000 as Tesla Stops Bitcoin Payment

Adesina Olumide
·1 min read
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The powerful billionaire Elon Musk some hours ago revealed Tesla was suspending payments with the flagship crypto, triggering a dump in the Bitcoin.

In a post recently seen on social media, the tech entrepreneur in his words revealed the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.” However, he added that the most valuable car company might accept other crypto assets “that uses <1% of Bitcoin’s energy/transaction.”

It’s important to note that Elon is still a strong believer in Crypto while advocating for clean technology.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk added.

Recent price actions reveal Bitcoin lost as much as $8,000 for the day has the flagship crypto plunged from $54,800 to a low of $46,294, In the early hours of the Asia trading session

However, at the time of writing this report Bitcoin traded at $50,424 with a daily trading volume of $90 Billion. Bitcoin is down 12% for the day, with a market value of about $943 Billion.

The billionaire’s bias comes after Tesla some months ago bought about $1.5 billion in Bitcoin and further disclosed it was accepting the coin for payment.

Sequel to Elon Musk’s statement surging Treasury yields and U.S dollar on rising inflation, sell-offs were noticed on risker financial assets that include global equities, precious metals, and Crypto on the bias the Federal Reserve Bank might at one point tighten its monetary supply.

This article was originally posted on FX Empire

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