A tweet by Elon Musk, CEO of electric car manufacturer Tesla, rocked the entire cryptocurrency market on Thursday. He spoke of not accepting Bitcoin as a payment to buy a car. Which led to a rapid fall in bitcoin prices. In just 2 hours, the price of one unit of this was recorded to have decreased by 6.71 lakh rupees. The impact of Musk’s tweet was not limited to bitcoin. This has given a big blow to the entire crypto market. Investors suddenly pulled their hands back, causing the crypto market to lose $ 365 billion.
Fall immediately after the announcement
The entire cryptocurrency market was valued at around $ 2.43 trillion before Ellen Musk tweeted, but the market collapsed as Musk announced the new rule. It fell to $ 2.06 trillion. So there was a loss of 365.85 billion. After the situation was restored, its value increased to about 2.27 trillion. According to data from Coinmarketcap.com, Bitcoin prices were down 11 percent at the time, 8 percent at Ethereum), Binance Coin at 8 percent, Dogquin 10 percent, and XRP below 10 percent.
Bitcoin reached the lower level
Bitcoin is the most popular cryptocurrency in the world, but in just two hours, the price of bitcoin dropped from $ 54,819 per unit to $ 45,700 per unit due to Elon Musk’s tweet. This is the lowest level of bitcoin since March.
What did Alan tweet
Elon Musk said in his tweet that the idea of cryptocurrency is very brilliant and its future is also very bright, but it is having a very bad effect on our environment. In such a situation, Tesla will no longer sell cars in bitcoins. When cryptocurrency mining is based on sustainable energy, we will use it again. The company is currently considering a cryptocurrency that consumes less than 1 percent of the energy consumed in bitcoin News mining.