![]() ![]() Smaller cryptocurrencies were less affected by the news. ![]() cryptocurrency exchange, Coinbase, tumbled nearly 9% (COIN.O). Tesla shares were down 2.4%, while the biggest U.S. This was kind of the straw that broke the camel's back in terms of adding to the risk sell-off," Wang said.īitcoin has struggled since hitting a record $64,895.22 in mid-April, dropping to the cusp of $47,000 just 11 days later before hovering around $58,000 since the start of May.Īt current rates, bitcoin mining devours about the same amount of energy annually as the Netherlands did in 2019, data from the University of Cambridge and the International Energy Agency showed. "I don't think everything is selling off just because of this news. Jeffrey Wang, Vancouver-based head of Americas at Amber Group, a cryptocurrency service provider, said broader selling of risk assets in traditional markets was another factor behind Wednesday's bitcoin plunge. In a second tweet on Thursday, Musk denounced the "insane" amount of energy used to produce bitcoin, which pushed bitcoin lower. Musk's comments roiled markets even though he said Tesla would not sell any bitcoin and would resume accepting it as soon as "mining" for it transitioned to more sustainable energy. "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk tweeted. The cryptocurrency relies on computers competing to solve elaborate math problems, which use huge amounts of electricity. Musk has faced pressure over bitcoin's environmental impact. 8 that it had bought $1.5 billion of bitcoin and would accept it as payment for its electric vehicles has been one factor behind the digital currency's surge this year. ![]() On Wednesday, ethereum hit a record high of $4,380.64. A Binance spokeswoman told Bloomberg that the company doesn't comment on specific inquiries but takes its legal obligations seriously and engages with regulators in a collaborative fashion.Įthereum, the second-largest cryptocurrency, dropped to a session low of $3,543.62 and last changed hands at $3,656, down about 4%. ![]() "Environmental matters are an incredibly sensitive subject right now, and Tesla's move might serve as a wake-up call to businesses and consumers using bitcoin, who hadn't hitherto considered its carbon footprint," Laith Khalaf, an analyst at AJ Bell, said.īitcoin remains about 70% higher for the year and is more than 1,000% higher than its 2020 low of $3,850.īinance did not immediately respond to a request for comment. The world's largest cryptocurrency fell 17% on Wednesday following Musk's remarks that Tesla would stop accepting the digital token as payment for its electric cars for environmental reasons. read moreīitcoin dropped to $45,700, the lowest since March 1, then steadied at $49,312 in Asia morning trade on Friday. Justice Department and the Internal Revenue Service have sought information from individuals with insight into its business. TOKYO/HONG KONG, May 13 (Reuters) - Bitcoin slid to a 2-1/2-month low on Thursday after a regulatory probe into crypto exchange Binance added to pressure from Tesla Inc (TSLA.O) chief Elon Musk's reversing his stance on accepting the digital currency.īloomberg reported on Thursday that as part of the Binance inquiry, the U.S. ![]()
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