Tesla will no longer accept bitcoin due to fossil fuel use, by company chief executive Elon Musk.
Tesla is no longer accepting bitcoin as a payment
The Market crash follows the decision by Tesla is no longer accepting bitcoin as a payment method for its vehicles.
After years of gains and every time breaking high records, cryptocurrencies are down today 19th May. Leading currencies like Bitcoin(BTC), Ethereum(ETH), Cardano(ADA) are down by 21%, 29%, and 30% respectively.
In March, Tesla boss Elon Musk announced unexpectedly that the electric car maker would allow customers to buy cars using Bitcoin but last week he announced Tesla is no longer accepting bitcoin as a payment method for its vehicles.
China crackdown on cryptocurrencies
The cryptocurrency market took another bit hit when China crackdown on cryptocurrencies. The price of Bitcoin has fallen below $30,005 for the first time in three months after China imposed limits on crypto-currencies. Cryptocurrency trading has been illegal in China since 2019 to curb money laundering. But people are still able to trade in currencies like Bitcoin online which has concerned Beijing.