New Delhi: The prices of cryptocurrencies are tumbling since last week, even the ‘king of crytpo’ Bitcoin has touched $40,000 after the tweets of Elon Musk. Elon announced last week that Tesla will not accept Bitcoin as a mode of payment citing the environmental concerns related to the mining of cryptos.
Bitcoin remains under pressure and has fallen nearly 10 per cent, to reach $40,200 on Wednesday. The chances of Bitcoin falling below $40,000 are high as the day progresses. Ethereum has also buckled under pressure, first the price increased by 3 per cent before going down by 8 per cent. Ethereum is trading at 2950 down by almost 10 per cent.
The prices of other smaller cryptocurrencies including Dogecoin have also seen a steep decline, falling over 12 per cent on Wednesday. However the long-term prospects of cryptocurrencies like Dogecoin remain uncertain.
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The fans of cryptocurrencies are very angry with Elon Musk as the stock prices of Tesla have also fallen, which de-thrones him as the second-richest man of the world. Tesla stock is trading at $577 compared to $615 a week ago.
