Tesla’s Bitcoin Statement Turns Unfavorable for Cryptocurrency Market

Elon Musk, CEO of Tesla, revealed yesterday that cryptocurrency users can purchase Tesla items through Bitcoin. While the news was positive for the adoption of BTC, the world’s largest cryptocurrency lost nearly 5%of its value in the last 24 hours.According to the latest information released by Coinmarketcap, the total market cap of Bitcoin has actually dropped below$ 1 trillion for the first time in 7 days. Since writing, the overall market cap of cryptocurrency possessions stands at around$1.63 trillion, below $1.78 trillion yesterday.Looking Forward to Meeting You at iFX EXPO Dubai May 2021– Making It Happen!Ethereum, the world’s second-largest cryptocurrency, dipped listed below$1,600 for the very first time in almost 2 weeks. ETH is

currently trading near $1,590 with a market cap of nearly$180 billion. The cryptocurrency is down by more than 15%in the last 7 days.Suggested posts EuropeFX Includes New Technology Stocks, Index to Diverse OfferingGo to article > > Elon Musk revealed yesterday that Tesla products are available for purchase through Bitcoin. The electric-car maker exposed a$1.5 billion BTC investment in February. The CEO of Tesla added that the company is not preparing to transform Bitcoin

into a fiat currency.”Tesla is utilizing just internal & open-source software application & runs Bitcoin nodes directly. Bitcoin paid to Tesla will be kept as Bitcoin, not converted to fiat currency,”Musk said on Twitter.Musk and Cryptocurrency Market Musk stayed singing about Bitcoin and other cryptocurrency properties on social media & platforms. Throughout a discussion on an invitation-only audio-chat social networking app, Clubhouse, the CEO of Tesla stated that Bitcoin is on the brink of mass adoption. Despite all his optimistic views and a rewarding Bitcoin bet

, Musk saw a dip in his general wealth during the last 2 months. At the time of Tesla’s statement of a $1.5 billion financial investment in Bitcoin, the company’s stock(TSLA)was trading at around$850 with a market cap of almost $800 billion. Since writing, TSLA is trading near $630, down around 25 % in the last 7 weeks.The world’s biggest cryptocurrency Bitcoin currently has a market cap of$ 990 billion. Released at Thu, 25 Mar 2021 05:45:41 +0000

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