By Kevin Buckland and Alun John TOKYO/HONG KONG (Reuters) - Bitcoin rebounded to about $50,000 in Asian trading on Thursday after plunging as much as 17% after Elon Musk tweeted Tesla Inc had stopped accepting bitcoin to purchase its vehicles due to climate concerns. The price of the world s largest cryptocurrency dropped from around $54,819 to $45,700, its lowest since March 1, in just under two hours following the tweet shortly after 2200 GMT. It recovered about half of that drop early in the Asian session, and last traded about $50,196. Ether, the world s second-largest cryptocurrency, followed a similar pattern, also dropping 14% to touch a low of $3,550, before bouncing back to about $3,965.
Bitcoin plunges to $50,000 after Elon Musk s tweet sent price down 17%
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 wrote
Reuters | May 13, 2021 | Updated 09:02 IST
Bitcoin rebounded to about $50,000 in Asian trading on Thursday after plunging as much as 17% after Elon Musk tweeted Tesla Inc had stopped accepting bitcoin to purchase its vehicles due to climate concerns.
The price of the world s largest cryptocurrency dropped from around $54,819 to $45,700, its lowest since March 1, in just under two hours following the tweet shortly after 2200 GMT. It recovered about half of that drop early in the Asian session, and last traded about $50,196.
Read more about Bitcoin recoups some losses in Asian trade after Musk-triggered tumble on Business Standard. The price of the world s largest cryptocurrency dropped from around $54,819 to $45,700, its lowest since March 1, in just under two hours following the tweet