Bitcoin prices have shed nearly 6% within an hour as soon as the news of Tesla suspending its support for payments in BTC made headlines. The Bitcoin markets are observed backing off after the American electric vehicle manufacturer Tesla has suspended its payment support for vehicle purchases using digital currency Bitcoin.
In an early tweet today by the CEO of Tesla, Elon Musk, mentions:
The CEO of Tesla predicted:
Although, it is clear that the firm has not ruled out the option of accepting Bitcoin completely. Moreover, the firm will look for alternative modes of payment in cryptocurrencies again in the future.
According to Elon Musk:
Elon Musk has faced conflicts from many within the crypto community on social media. The move also clarified Tesla’s statement concerning the environmental impact of Bitcoin mining.
The 3rd Global Cryptoasset Benchmarking Study by the University of Cambridge stated:
Bitcoin crashed to a 24-hrs low of 46,980 from a 24-hrs high of 57, 251. At the time of writing, the first digital currency had crashed 10.34%, currently hovering around $50,600. Moreover, the market dominance of Bitcoin continues to decline, as it now stands at 41%.