Bitcoin price crash latest – Elon Musk’s Tesla ban sees crypto market tumbling by 17 percent as value drops by $6bn

CRYPTO stocks plummeted by 17 percent this week, shaving $6.1billion in value from Bitcoin after Elon Musk banned its use to buy Tesla.

Musk on Wednesday released a statement saying Tesla would no longer be accepting Bitcoin for purchasing vehicles.

According to CoinMarketCap, his tweet also triggered a fall in other currencies such as Dogecoin, which has also been promoted by the Billionaire tech entrepreneur.

Posting to his personal Twitter account, he wrote: ” Tesla has suspended vehicle purchases using Bitcoin. We are concern about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which ash the worst emissions of any fuel.”

Within minutes Bitcoin started plummeting, as much of the recent growth of the cryptocurrency was based on speculation of its future as a legitimate currency based off Tesla’s decision to accept payments.

However, Musk insisted he still “strongly believes in crypto”, adding: “To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,” he wrote in a Twitter post.

However Dogecoin made something of a comeback,  climbing up 23 per cent over the 24 hours into Friday afternoon.

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