side-banner

Bitcoin slumps after Elon Musk suspend purchases, Alts bleed too

Shortpedia

Content Team
Image Credit: Shortpedia

The world woke up to see a sharp decline in Bitcoin charts after Tesla CEO Elon Musk pulled his support to the leading cryptocurrency by suspending purchases with Bitcoin. Musk tweeted about the "rapidly increasing use of fossil fuels for Bitcoin mining and transactions" to back his decision. The decline in Bitcoin prices reflected in the charts of other cryptocurrencies as well. The response of investors to Musk's decision was mixed.