Bitcoin’s volatile week-long slide saw it tumble to below the $40 000 mark on Wednesday on news of further restrictions on cryptocurrency transactions in China.
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Promoted | The crypto market’s reaction to the recent ups and downs of cryptocurrencies like ethereum, bitcoin and dogecoin is a case in point of the dangers of emotional investing.
Bitcoin dropped to a three-month low on Monday in the wake of Elon Musk’s hinting over the weekend that Tesla is considering or may have already sold some of its bitcoin holdings.
Having earlier said Tesla would accept bitcoin as payment, Elon Musk this week reversed that position, stating cryptocurrencies’ “promising future cannot come at a great cost to the environment”.
Bitcoin was pinned near its lowest in more than two months on Friday, while dogecoin leapt by a fifth as tweets from Tesla boss Elon Musk sent the two cryptocurrencies on a wild ride.
The more Elon Musk blends payment U-turns, social media memes and stand-up comedy, the harder it will be to detect where the future of money ends and the “hustle” begins. Which might be the whole point.
Can you love bitcoin and the environment at the same time?
Tesla will no longer accept bitcoin for car purchases, CEO Elon Musk said on Wednesday, citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency.
Cryptocurrency ether hit a record high on Wednesday, taking gains this year to almost 500% on the back of a growing interest in decentralised finance applications.
Promoted | Revix CEO Sean Sanders debunks popular myths and misconceptions about the blockchain and cryptocurrencies to reveal their immense investment and everyday real-use potential.