Bitcoin tumbled some 15 percent on news that Elon Musk will no longer take the cryptocurrency for Tesla payments due to environmental concerns, CNBC and other news outlets reported.
The entire cryptocurrency market lost more than USD 365 billion after the Tesla CEO tweeted that the electric vehicle maker will no longer take bitcoin for car payments due to concern over fossil fuels.
“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.
“Cryptocurrency is a good idea on many levels and we believe it has a promising future but this cannot come at great cost to the environment”, - per the tweet.
Before Musk’s announcement, the cryptocurrency market had a valuation of USD 2.43 trillion, according to data from Coinmarketcap.com. Less than three hours after Musk’s announcement, that value dropped to approximately USD 2.06 trillion.