Crypto price live: Bitcoin crashes as Elon Musk says Tesla cars cannot be bought with cryptocurrency

Elon Musk’s tweets, which have moved the cryptocurrency market, are not unique.

The cryptocurrency’s price often appears to move following endorsements from the technology billionaire, who once changed his Twitter profile to read, “CEO of Dogecoin”.

Two days ago, Mr Musk announced that SpaceX will launch a mission next year that will be paid for with dogecoin.

The satellite Doge-1 would be the “first crypto in space” and the “first meme in space”, Mr Musk said. The announcement resulted in the price of dogecoin to immediately surge by more than 30 per cent.

Elon Musk has announced that Tesla has suspended vehicle purchases using bitcoin, resulting in the cryptocurrency crashing.

“Tesla has suspended vehicle purchases using Bitcoin. 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”, the electric car company CEO tweeted.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use

Bitcoin fell from a daily high of £39,000 to around £37,190 in the immediate aftermath of the Tesla CEO’s tweet.

Ethereum’s latest price high has pushed its market cap above $500 billion – greater than that of global banking giant JPMorgan Chase.

It also now outranks Bank of America, as well as payments giants Mastercard, PayPal and Visa, after seeing its overall value increase nearly six-fold since the start of the year. It’s also rapidly catching bitcoin’s market cap, which stands at just above $1 trillion.

Here’s what Jason Cozens, founder and CEO of fintech startup Glint, told The Independent about ethereum flipping JP Morgan Chase:

A Goldman Sachs executive has reportedly made a fortune from dogecoin and quit his job.

First reported by Efinancialcareers, Aziz McMahon left his role as head of emerging market sales at the banking giant thanks to a fruitful investment in the meme-based currency.

Dogecoin may have suffered a slight dip since Elon Musk propelled it to new heights over the weekend, but it is still up 1,000 per cent since the start of 2021.

We’ve got some analysis on what’s actually going on with dogecoin’s price right here:

The price of ethereum has once again hit a new all-time high on Wednesday, reaching above $4,360 according to CoinMarketCap.

The latest record comes after a new report suggested that the cryptocurrency is still “highly undervalued” and could still quintuple in price over the next four years.

When asked whether now is the best time to buy, sell or hold, the majority of a panel of academics and market analysts responded that despite the huge profits it remains a good buying opportunity.

You can read the full story here:

A senior figure at a leading hedge fund has predicted that the price of bitcoin is heading to $250,000 by 2025.

“It’s just about network adoption and increased usage. This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value,” Mark Yusko, chief investment officer of the hedge fund Morgan Creek Capital Management, told CNBC.

It may sound bullish but his prediction is actually relatively conservative compared to a recent pool of experts, whose average guess was that bitcoin would hit $360,000 in the same time.

You can read the full story here:

Mark Zuckerberg has shared a photo of his two goats on Facebook, revealing that one of them is named Bitcoin.

The other is named Max – the same name as his daughter – so presumably he’s named them after things he loves.

It’s not clear whether the world’s fifth richest person actually holds any crypto, though as the CEO of Facebook he oversaw the failed Libra cryptocurrency.

Zuckerberg first detailed his interest in cryptocurrency and blockchain technology more broadly in his 2018 mission statement, posted to Facebook.

“There are important counter-trends to this — like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands,” he wrote. “But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”

A day after promising to launch dogecoin into space with the Doge-1 SpaceX mission, Elon Musk is once again helping drive up the price with his tweets – this time through Tesla.

The meme-loving magnate posted an online poll to Twitter asking his 53 million followers whether the electric car maker should begin accepting payments in dogecoin.

Nearly 2 million people have voted already, with more than three quarters of respondents saying that Tesla should accept dogecoin. It wouldn’t such a big jump, you’d imagine, given that they already sell cars in exchange for bitcoin.

You can read the full story here:

Andrew Bailey, governor of the Bank of England, has made his feelings on cryptocurrencies very clear.

““They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value,” Bailey said.

“I’m going to say this very bluntly again,” he continued, “buy them only if you’re prepared to lose all your money.”