Sunday, April 14, 2024

Bitcoin Plummets on China and Elon Musk Concerns

Bitcoin plummeted to almost $30,000 amid another crackdown by China and Elon Musk saying Tesla would no longer accept it as payment.

Bitcoin hit its high in April, coming in at more than $63,000. Tesla announced it would allow individuals to use the crypto to purchase cars, and multiple companies started embracing it. Last week, however, Musk announced Tesla would no longer accept the currency for purchase, due in large part to the environmental impact of Bitcoin mining.

China has now signaled another major crackdown on the cryptocurrency, according to International Business Times

Three state-backed industry associations said “cryptocurrency prices have skyrocketed and plummeted, and cryptocurrency trading speculation activities have rebounded.”

The crypto’s volatility “seriously violate people’s asset safety and disrupt normal economic and financial order”, the People’s Bank of China said in a statement posted to social media.

The end result has been been a major drop in Bitcoin’s price, although it appears to be rebounding at the time of writing.

Author holds a very, very (almost infinitesimally) small amount of Bitcoin that in no way influenced this article.

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