Tokyo / Hong Kong, Reuters. Bitcoin saw little improvement in Asian markets on Thursday after rolling down to 17 percent and trending closer to $ 50,000. Bitcoin was down 17 percent following Elon Musk’s announcement that Tesla Inc had stopped accepting Bitcoin for the sale of its vehicles. According to Musk, the decision has been taken due to climate concerns. Musk’s tweets in this regard fell from $ 54,819 in the world’s largest cryptocurrency to $ 45,700 within just two hours. This was the lowest level of Bitcoin since March 1. After a fall of about half an hour, it showed improvement.
A similar pattern was observed in the trading of Ether, the world’s second-largest cryptocurrency. It also dropped 14 percent to $ 3,550. However, the bounce-back was pegged at $ 3,965.
Earlier Musk tweeted, “We are concerned about the increasing use of biofuels and especially coal for Bitcoin mining and transactions.” Burning coal has the worst emissions than any other fuel. ”
The same year Tesla announced that it had purchased $ 1.5 billion worth of Bitcoin and would accept Bitcoin for car payments. After this announcement by Musk’s company, the price of this cryptocurrency had seen a tremendous jump this year.
Similarly, cryptocurrency rolled off badly after Musk’s recent tweet. However, he did state that Tesla would not sell any Bitcoin. He also said that if the mining activity is shifted to more sustainable energy, the company will start accepting Bitcoin again.
Crypto means something that is not real. Cryptocurrency is a currency built on computer algorithms. It is available only on the Internet and computer. It is an independent currency that has no owner. This currency is not under the control of any one authority. Digital or cryptocurrency is a virtual currency operating on the Internet. Apart from Bitcoin, there are hundreds of other cryptocurrencies in the world such as Red Coin, Sia Coin, CiscoCoin, Voice Coin and Monroe.
In cryptocurrency the returns are very high, online transactions make transactions easier. There is no regulatory body for cryptocurrencies, so conditions like demonetisation or currency devaluation do not affect this. When Bitcoin was launched in the year 2009, its value was 0 dollars. Even in 2010, its value did not reach $ 1.
A ledger for bitcoin transactions is created. Millions of merchants in the world also deal with Bitcoin. However, no central bank has recognized it yet. Many US giants also accept Bitcoin. In the world of Internet, there are many exchanges that make it buy and sell. It is traded through many websites and apps on the Internet. In this, the information of the traffickers is hidden.
