The CEO of Tesla, Elon Musk, dropped a bombshell on the entire cryptoverse after announcing that Tesla will no longer accept Bitcoin as a mode of payment for its vehicles, citing environmental concerns. The market buckled under the weight of the announcement as the entire cryptocurrency market capitalization lost 10.13% within the last 24 hours.
While a majority of cryptocurrencies were pulled down by the enormity of the news, Cardano and a few other coins are braving the currents to record impressive gains.
Cardano: The Greenest Coin Making The Gains
The influence that Elon Musk has over the cryptocurrency ecosystem is undisputed, and it has been shown several times over the last few months. The latest evidence of his influence was the announcement that automobile giant Tesla will no longer accept Bitcoin as a means of payment for its vehicles.
As a reaction to the news, the market tanked, with Bitcoin falling as low as $42,500. Similarly, other coins reacted negatively to Elon Musk’s announcement by losing a significant portion of their values. Ethereum fell by 10.53% to trade at $3,753, while Binance Coin lost 7.28% of its market value. Dogecoin and Litecoin tumbled by large margins to trade at $0.4159 and $316.59, respectively.
Amid this chaos, Cardano was the top crypto asset that remained defiant after it went on to gain an impressive 12.08% in the last 24 hours to trade at $1.91. Cardano’s strong form has seen it break past its previous all-time high and set another record of $1.96, setting its sights firmly on the $2 mark.
Cardano’s gains push it to fourth place, below Binance Coin and above Tether. These gains have given Cardano a market capitalization of over $61 billion amid rising uncertainty in the cryptoverse.
On the Flipside
Elon Musk’s U-Turn
Elon Musk’s announcement that Tesla will not be accepting Bitcoin as payment for its vehicle came as a shock to millions of crypto aficionados. He made his position known in a tweet, citing the “increasing use of fossil fuels for Bitcoin mining and transactions.” He noted that Tesla will not be selling any of the Bitcoin but will be using it for transactions as soon as Bitcoin begins to utilize a more sustainable energy model
Elon Musk’s statement noted that Tesla will keep an eye on other cryptocurrencies that utilize way less energy for mining and transactions.
Since his declaration, a wave of tremors spread through the whole market, resulting in the tumbling down of prices. Within the last 24 hours, the entire cryptocurrency market capitalization has fallen by as much as 10.13%, with Bitcoin, Ethereum, Binance Coin, and Litecoin bearing the brunt. However, Cardano and Kusama have gone on to gain significant numbers despite the market’s bearish outlook.
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Source: Cryptocurrency - investing.com
