Bitcoin (BTC) Briefly Plunges to $46K Mark After Musk’s Announcement

The crypto market is closely linked to the fortunes of Bitcoin (BTC), the world’s biggest cryptocurrency by market cap and on Wednesday, it ran into a bit of trouble. Tesla founder Elon Musk has been one of the biggest advocates of cryptocurrencies and Bitcoin.

However, on Wednesday, he sent out a tweet stating that Tesla would no longer be accepting Bitcoin due to the environmental implications. That proved to be a major trigger for a massive selloff in Bitcoin and the cryptocurrency crashed by as much as $10000.

It is one of the biggest declines suffered by Bitcoin in recent times and it remains to be seen if the cryptocurrency can manage to regain the earlier levels soon. Considering the fact that Musk clearly pointed out the problems in relation to Bitcoin when it comes to the environment, it now remains to be seen if other companies come up with similar policies.