Cryptocurrency markets experienced a long-unprecedented fall for the second day in a row. Bitcoin lost nearly a fifth of its value in just under two days. The second-largest cryptocurrency, Ethereum, has also seen a similar decline.
“I am concerned about the consumption of fossil fuels in the extraction of Bitcoin as well as in the conduct of transactions in this cryptocurrency. In particular, it bothers me how because of this, coal consumption is growing, which has the worst environmental impact of all fuels,” the founder of the company said on Thursday morning of Central European DST Elon Musk’s Tesla.
For this reason, Musk announced that Tesla would not accept Bitcoin when selling its cars until it was more environmentally friendly. “Cryptocurrency is a good idea, but it can’t mean such a burden on the environment,” Musk explained.
Bitcoin reacted to Musk’s expression with a sharp fall, losing about 13 percent of its value within a relatively short period of time. Along with the previous day’s losses, Bitcoin’s overall slump is nearly 20 percent. Similarly, other major cryptocurrencies headed by Ethereum also went down. Ethereum earlier this week set a price record of over $4300 to trade $700 lower on Thursday.