Sunday, April 21, 2024

Tesla’s Bitcoin Reversal Wiped $365 Billion From Crypto Market

Tesla’s decision to stop accepting Bitcoin for payment led to some $365 billion of value being wiped from the crypto market.

Tesla made the decision in March to accept Bitcoin as payment for vehicle purchases. The move was not surprising, given CEO Elon Musk’s love of crypto. Yesterday, however, the company reversed its plans, with Musk citing the environmental impact of Bitcoin mining.

The decision already appears to have had a major impact on the crypto market, according to CNBC, with some $365.85 billion wiped from the market after Tesla’s announcement.

In particular, Bitcoin, ether and XRP were all significantly lower than their pre-announcement levels.

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