Bitcoin (BTC) is the world’s biggest cryptocurrency by market cap and when it moves quickly one way or another, then it can have a major impact on the entire crypto market.
Last week Bitcoin suffered a sensational collapse that had a negative effect on the wider market as well. An analyst at Deutsche Bank, Dr. Marion Laboure stated that Bitcoin has suddenly from ‘trendy to tacky’ and likened it to how things go in the world of fashion.
It was only last month that Bitcoin had hit its lifetime high of $64000 a token. However, last week, Tesla’s founder and well-known Bitcoin advocate tweeted that the electric vehicle maker was no longer going to accept Bitcoin payments due to environmental concerns. It was only three months ago that the option had been put in place. This was a major trigger for the fall and although Bitcoin has recovered somewhat, it went below $40000 a token at one point.