After a tweet by Elon Musk, the price for Bitcoin dropped immensely and bankrupted several of its investors. Several other coins joined the team and lost their market value as well. The total loss is $830 billion, and cryptocurrencies make $ 1.49 trillion now. Investors blamed Elon Musk for the riot. He has used his influence in the worst of manners possible, resulting in a considerable loss for the world market. Let us view the situation from the point of view of the Economic Times.
The effect on the businessman:
Several exchanges worldwide faced havoc loss due to the high volumes and sell orders. All these were caused by the sudden stop of Tesla receiving the Bitcoin for their cars. This step was explained as an initiative to save the environment. The computational ‘mining’ seems to be risky against the environment. The cryptocurrencies which faced major damage other than Bitcoin are Binance, WazirX, Voyager, and Coinbase. The burning of coal created the high energy and electricity required to generate all the programs that help develop and transaction Bitcoin. Bitcoin was hoping to face profits after the decision of Tesla in March 2021, but everything seems to be reversed after this new decision.
Musk and the cryptocurrency:
The effect of Musk and his tweet has been a topic most used the previous week. Indeed, it is why the crypto’s market price fell so much due to the tweet. Previously, Musk’s tweets resulted in a higher cost of the Dogecoin, and now it is creating the opposite. Musk has been accused and blamed by several of his followers, finally making him tweet about his meeting with the American miners of Bitcoin for an environment-friendly way of the coin generation. This has resulted in a slight recovery of the coin price; thus, the people and investors hope to get back to where it used to be soon.