Bitcoin, along with other cryptocurrencies, had fallen drastically earlier in the month following an Elon Musk statement. In it, he had said that Tesla would no longer accept payment in the form of Bitcoin. Musk had taken the decision citing the energy requirements that cryptocurrency mining requires. However, the billionaire has had another change in opinion.
Bitcoin Being Tepidly Backed By Musk Now
On Monday, the CEO of SpaceX and Tesla, took to Twitter to say that he had talked to North American bitcoin miners. In the conversation, he found out that the miners are committed to publishing usage that is currently and planned renewable. He added that the miners will request global rivers to do the same. He called the development “potentially promising”.
The prices of Bitcoin (XBT) have, in the past couple of days, stabilized a little. Currently, it is hovering near $37000. However, it is still almost half of last month’s ATH that was more than $60,000.
Other top cryptocurrency prices also saw a major and sharp decline in a previous couple of weeks. These include XRP, Cardano, Binance coin, ethereum, and dogecoin. Dogecoin is the meme coin that Musk had called attention to often. However, in his recent appearance at SNL, he called it a “hustle”.
A Chinese crackdown on miners is another factor behind the fall. Apart from North America, China is the major base of operations for many miners. In the US as well, the Treasury Department is looking at new guidance that will aim at taxing Bitcoin.
Nevertheless, the most recent comment from Musk increased the share price of quite a few of the biggest companies that mine bitcoin. Hive Blockchain, Marathon Digital Blockchain, and Riot Blockchain all increased by over 10% on Monday. However, on Tuesday, they decreased by a little.
