Cryptocurrency market shrinks after Tesla suspends Bitcoin transactions – fr

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Cryptocurrency market shrinks after Tesla suspends Bitcoin transactions – fr


The global cryptocurrency market has lost hundreds of billions of dollars after Tesla CEO Elon Musk said his company was suspending the use of Bitcoin for vehicle purchases, according to a report.

Musk tweeted the announcement just after 6 p.m. on Wednesday when the entire cryptocurrency market was valued at around $ 2.43 billion, CNBC reported, citing data from Coinmarketcap.com.

Elon Musk, CEO of Tesla and SpaceX, speaks at the SATELLITE Conference and Exhibition in Washington.
On May 13, 2021, Tesla CEO Elon Musk raised concerns about the use of fossil fuels for bitcoin mining.
AP

In less than three hours, the crypto market lost around $ 365 billion, according to the report.

But it bounced back, earning $ 200 billion shortly before the market opened in China – for a net loss of around $ 165 billion since Musk’s tweet, the outlet reported.

Bitcoin, Ether, and XRP have all lost value.

A Tesla car dealership sits at Ross Park Mall in Ross Township, Pennsylvania.
A Tesla car dealership store at Ross Park Mall in Ross Township, Pennsylvania.
AP

In his announcement, Musk raised concerns about the use of fossil fuels for bitcoin mining.

He said Tesla will not sell any bitcoin and intends to use it for transactions as soon as mining shifts to more sustainable energy.

“We are also looking at other cryptocurrencies that use With pole wires.

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