in

Tesla’s unforeseen rejection of BTC payments triggers sharp freefall

Nearly 19,000 Bitcoins (BTC) Deposited on Gemini Exchange, Coinbase Premium Negative


advertisement


Tesla, the largest manufacturer of electric vehicles, has announced that it will no longer accept payments in BTC, citing environmental issues related to the high cost of mining and processing Bitcoin transactions.

advertisement

Merchant Token
  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • reddit
  • Tumblr

The news was relayed by Elon Musk, the founder and CEO of the company, saying that purchases using the flagship cryptocurrency had been suspended. According to Musk, the firm is “concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Bitcoin price plunges following Tesla’s rejection news

The bellwether cryptocurrency sharply dropped as the news spread across the market. Bitcoin explored under $50,000, whereby a candlestick wick touched $46,000. At the time of writing, Bitcoin is teetering marginally under $50,000. Data by CoinGecko shows that Bitcoin has lost more than 12% of its value in 24 hours. In seven days, BTC is down 13% and 16.6% in the last 30 days.

Elon added that Tesla would not sell any of its Bitcoin because it intends to use the holdings for transactions when mining transitions to sustainable energy. Tesla is also scouting for cryptocurrencies that consume at least 1% of Bitcoin’s energy needs.

The four-hour chart reveals that the slightest resistance path is downward based on various technical indicators like the MACD and the RSI. Perhaps a real break above $50,000 will encourage investors to return to the market in anticipation of another uptrend toward $60,000.

BTC/USD four-hour chart

BTC/USD price chart
  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • reddit
  • Tumblr
BTC/USD price chart by Tradingview

Bitcoin intraday levels

Spot rate: $49,950

Trend: Bearish

Volatility: High

Support: $47,000 and $46,000

Resistance: $50,000, $53,000 and $57,000

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • reddit
  • Tumblr





Source link

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Loading…

0

What do you think?

Bitcoin Price

TA: Bitcoin Nosedives $10K, Here’s Why Recovery Could Face Hurdles

Ethereum’s Co-Founder Vitalik Buterin Donates Over $1 Billion To India Covid Relief Fund And Other Charities