The big news today from Musk is a follow-up to the drama that started last week. At that time, Musk announced that Tesla would no longer be accepting Bitcoin for payments. That resulted in a falling price for the crypto.
It’s been a few days and the saga has continued with fears that Musk will sell off Tesla’s position in Bitcoin. Musk backed up this idea in one Tweet. However, he later clarified that Tesla has yet to sell any of its Bitcoin.
Elon Musk’s reason for dropping Bitcoin has to do with its environmental impact. The Tesla CEO said that while cryptocurrency is a good thing, its use can’t come at the cost of rising fossil fuel usage, either.
That actually kicked off a green crypto boom that sent investors seeking out new digital assets. This resulted in several eco-friendly cryptos getting a boost as investors sought out information about them. That includes Hedera Hashgraph (CCC:HBAR-USD), BitGreen Coin (CCC:BITG-USD), Nano Coin (CCC:NANO-USD), and Chia Coin (CCC:XCH-USD).
Elon Musk isn’t just affecting Bitcoin with his Tweets. Several other cryptocurrencies are also falling alongside the most popular crypto. It’s not that there’s specific news about most of them. Instead, the falling price of Bitcoin is just dragging them down with it since it’s the market leader in the crypto space.
BTC was down 6.5% as of Monday morning over a 24-hour period.
Investors that are in the market for more crypto news will find no shortage of it below.
InvestorPlace has a wealth of crypto coverage as we offer up new stories on a daily basis. A few examples include the recent Shiba Inu (CCC:SHIB-USD) coin burn, price predictions for Cardano (CCC:ADA-USD), as well as some popular Dogecoin (CCC:DOGE-USD) rivals.
More Crypto News
- SHIB Coin Burn: 15 Things for Shiba Inu Investors to Know as 410 Trillion Tokens Are Torched
- Cardano (ADA) Price Predictions: Where Does the Green Coin Go After New Highs?
- SHIB and 4 Other Dog-Themed Cryptos Looking to Be the Next Dogecoin
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.