Olumide Adesina
Add to Bookmarks

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.”

Know where Bitcoin is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker