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Bitcoin loses 6% in an hour after Tesla drops payments over carbon concerns


13 May 2021

#Bitcoin

Bitcoin has shed nearly 6% in an hour after Tesla suspended its support for payments in BTC. The Bitcoin markets are pulling back after electric car manufacturer Tesla suspended its support for vehicle purchases using BTC.

In a May 13 tweet, Tesla’s CEO Elon Musk noted the company’s concerns regarding the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.” While Musk predicted that cryptocurrency “has a promising future,” he concluded that the rise of digital assets “cannot come at a great cot to the environment.

However, the firm has not ruled out accepting BTC again in future, with the post noting the firm will resume using Bitcoin “for transactions as soon as mining transitions to more sustainable energy." Musk added:

“We are also looking at other cryptocurrencies that use. On social media, many within the crypto community have contradicted Musk and Tesla’s assertion regarding the environmental impact of Bitcoin mining, with Twitter use “The Wolf of All Streets” noting that “miners primarily use renewable energy.” 

However while the 3rd Global Cryptoasset Benchmarking Study by the University of Cambridge in October 2020 showed that up to 76% of cryptocurrency mining uses some renewable electricity, it estimated only 39% of the total power consumed by Proof of Work cryptocurrencies was green energy. As of this writing, BTC has crashed roughly 6% in the past hour, tumbling from $54,800 to roughly $51,600.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 59.2% 81 $16 857.94 2.52% 2.13% $324 016 560 707 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 79 $1 267.75 5.89% 9.03% $155 139 205 312 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.999743 0.01% 0.07% $65 345 860 208 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68.4% 65 $297.76 -0.65% 8.97% $47 633 708 279 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $1.000075 -0.02% -0.02% $43 278 140 161 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.000080 -0.01% -0.04% $22 167 145 790 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 66% 66 $0.402255 2.89% 6.46% $20 229 424 997 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 57.2% 85 $0.106602 3.16% 30.44% $14 142 989 634 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 60.4% 81 $0.314036 1.01% -0.86% $10 815 310 516 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64.8% 72 $0.868141 3.30% 0.64% $7 582 616 669 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 65.6% 67 $5.38 2.56% -0.10% $6 131 758 632 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 91.2% 1 $0.999926 -0.07% -0.02% $5 640 260 243 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 66% 74 $78.51 1.65% -3.13% $5 630 604 788 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 66.4% 66 $0.053881 0.82% 5.41% $5 478 359 178 WTRX 7 days price change

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