Bitcoin And Dogecoin Prices Drop
JAKARTA - The price of bitcoin and other crypto-assets fell. The price of bitcoin as of May 13, 2021, until 8:30 p.m.
As a result, the market capitalization of bitcoin collapsed below $ 1 trillion to $ 929 billion. Ethereum, the crypto asset with the second-largest market capitalization, also fell 10.95 percent to $ 3,784 per ETH.
As a result, the Ethereum market cap remains 435 billion US dollars. The price of Dogecoin is the same. The price of DOGE fell from $ 14.72 to $0.4151 per DOGE. Thus, dogecoin's market capitalization remains at $ 53.21 billion.
The price of Dogecoin is the same. The price of DOGE fell from $ 14.72 to $0.4151 per DOGE. Thus, dogecoin's market capitalization remains at $ 53.21 billion.
As reported from Kompas, Friday, May 14, the Cryptocurrency market plummeted after billionaire Elon Musk and co-founder of Ethereum Vitalik Buterin made a surprise.
The sharp drop was triggered by Buterin, the world's youngest crypto billionaire, suddenly moving more than $ 2 billion worth of cryptocurrencies. Buterin donated $ 1 billion in meme tokens, Dogecoin to the Indian Covid Relief Fund and various other charities, and transferred $ 1.3 billion worth of ETH Etherum tokens from its main public address to a separate wallet Meanwhile, Tesla billionaire Elon Musk stopped using bitcoins to buy Tesla cars.
The action caused concern as the founder of Ethereum diluted ownership of the cryptocurrency and dropped the price of Ethereum from a recent high of more than $ 4,000 per ETH token.
The cryptocurrency market has bubbled to more than $ 2 trillion this year, with bitcoin as the world's largest cryptocurrency with a market capitalization of about $ 1 trillion. The growth of the crypto market has also been supported by soaring Ethereum prices and speculative madness followed by Dogecoin.
Elsewhere, Elon Musk, Tesla's chief executive and a longtime supporter of Bitcoin, announced his company would suspend customers' use of bitcoin to buy its vehicles.
"Cryptocurrency is a great idea on many levels and we believe it has a promising future, but it's not great for the cost environment," Musk said via Twitter.
Musk, who helped the price of bitcoin rose to more than $ 60,000 earlier this year, citing environmental concerns about how those who secure the bitcoin network, known as miners, power their machines.
In February 2021, Tesla revealed it had purchased $ 1.5 billion of bitcoin and began accepting bitcoin as payment for car purchases in March.
Thus, the price of bitcoin jumped more than 20 percent.
"Elon Musk has the ability to pump or drop the price of bitcoin by itself when it suits his interests", Alex Kuptsikevich, senior financial analyst at FxPro, said in an emailed commentary as quoted by Forbes.
Even so, Musk said, Telsa will continue to hold bitcoin on its balance sheet and will restart bitcoin transactions in the future. He added that companies, which reportedly hope to enter the renewable multi-billion dollar credit market, are looking for other cryptocurrencies that have a smaller environmental impact.
"We're also looking at other cryptocurrencies that use <1 percent of energy per bitcoin transaction", Musk said. Tesla's share price also fell during after-hours trading. "Tesla and bitcoin have always been strange correlations, given the business credentials of electric car makers, and the enormous amount of energy consumed by cryptocurrencies", explained Laith Khalaf, financial analyst at brokerage AJ Bell as quoted by Forbes via Kompas.
"Environmental issues are a very sensitive subject at the moment, and Tesla's move may serve as a warning to businesses and consumers who use bitcoin", Khalaf was quoted as saying by Forbes. He added that until now no one has considered its carbon footprint.
Tesla may have generated $ 101 million from bitcoin sales in the first three months of this year, but now investors will legitimately ask if the money could have been better spent elsewhere.