Elon Musk plays with Bitcoin again

May 13, 2021 Forex News

Judging by the way the price of Bitcoin reacts to the statements of Elon Mask, it is he who is the main driving force of Bitcoin and not the institutional demand and statements of government representatives.

In just a few hours, it fell by almost $6000. Why this happened, and what has Elon Musk to do with it, let's go back to March 24th. On this day, Elon Musk posted a tweet stating that customers will be able to buy Tesla cars for Bitcoin. The next day, the price of Bitcoin rose by about $4000.

Elon Musk posted a new tweet yesterday. It states that Tesla has suspended the sale of electric vehicles for Bitcoin. This decision of the company was due to the impact of Bitcoin and other cryptocurrencies on the environment.

Since Bitcoin mining uses electricity produced primarily by coal-fired power plants, the company is concerned about the growing emissions of coal-fired power plants into the environment.

Elon Musk predicts a great future for cryptocurrencies but opposes that their development occurs at the expense of the destruction of the environment.

The decision to stop selling cars for Bitcoin will remain in effect until the cryptocurrency is mined using sustainable energy sources.

Before the tweet was published, Bitcoin was trading in the area of $56000, after the publication of the tweet, the price of Bitcoin fell to the area of ​​$49000. At the time of publication, the BTC/USD pair is trading around $49800. In just one hour, orders worth more than $575 million were liquidated on the exchanges.


A massive sale triggered a breakdown in some trading floors. Social media users, for example, have reported delays and rejected transactions on the Coinbase Pro platform.

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