Tech

Why did the price of bitcoin suddenly fall?

Why did the price of bitcoin suddenly fall?
The price of the cryptocurrency bitcoin plummeted due to the refusal of electric car maker Tesla to accept it.

According to an international website, electric car maker Tesla has refused to accept the cryptocurrency bitcoin, after which the price of the bitcoin has dropped.

Elon Musk, CEO of SpaceX and Tesla, a company that launches commercial space flights, announced this on the social networking site Twitter, saying in a tweet that due to environmental concerns, we have offered bitcoin for payments. Receipt has stopped and users can no longer buy Tesla with the help of bitcoin.

Bitcoin’s price fell more than 10 percent after Elon Musk’s tweet, while Tesla’s share price also fell. Tesla announced in March this year, despite opposition from some environmentalists and investors, that Tesla’s cars could now be bought with the help of bitcoins.

A month earlier, Tesla had also revealed that it had bought a bitcoin worth ڈی 1.5 billion, but after Elon Musk’s tweet, Tesla is back on track.

Elon Musk wrote in his tweet that we have reservations about the increasing use of fossil fuels, especially coal, in bitcoin mining and transactions. Cryptocurrency is a good idea, but it cannot be brought with environmental damage.

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