Elon Musk met with Bitcoin miners to discuss making the cryptocurrency more environmentally friendly dreuter@insider.com (Dominick Reuter)
Elon Musk met with leading Bitcoin miners to discuss the environmental impact of their industry.
In a tweet, the Tesla CEO called the proposed next steps potentially promising.
Bitcoin prices shot up after Musk s tweet from about $38,000 to a peak of $39,600.
MicroStrategy founder and CEO Michael Saylor said he convened industry leaders including Blockcap, Hut 8, Marathon Digital Holdings, and Riot Blockchain to discuss forming an organization that would establish reporting standards and ESG goals for mining. The companies did not immediately respond to a request for comment.
Bitcoin, Ethereum and other major cryptocurrencies plummeted on Wednesday in a sell-off linked to a new crackdown in China and fallout from Tesla's reversal.
Bitcoin tumbles as low as $30,000 amid a broad crypto sell-off after China signals a crackdown snagarajan@businessinsider.com (Shalini Nagarajan)
Bitcoin and other major digital assets sank on Wednesday after China warned investors against cryptocurrencies.
Virtual currencies can t be used to conduct business as they don t have real value, China s central bank said.
A price drop below $30,000 for bitcoin wouldn t be surprising, a senior market analyst said.
Bitcoin and other digital currencies plunged on Wednesday after the People s Bank of China announced digital tokens can t be used as a form of payment by financial institutions.
Bitcoin fell as much as 31%, to $30,016.83. Binance Coin fell 32% to $337.27, dogecoin fell 30% to 36 cents, and Ethereum s ether fell 44% to $1,918.773 at intraday lows.
Bitcoin plunges amid China clampdown fears, fallout from Tesla s U-turn msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.