IS BITCOIN END ?
❤ کیا بٹ کوئن ختم ہونے والا ہے
Elon Musk one tweet has triggered panic in Bitcoin investors’ camp. His company Tesla is discontinuing the use of bitcoin. The decision is made amid the massive use of fossil fuels for mining and transactions.
Bitcoin fell to a three-month low on Monday, confirming the biggest price pullback of the current bull run.
The top cryptocurrency printed a low of $42,212 during the Asian hours, a level not seen since Feb. 8, marking a 35% drop from the record high of $64,880 reached on April 14, according to CoinDesk 20 data.
The bitcoin (BTC) price has seen four corrections from new price highs so far this year, out of which the latest 35% retreat is the biggest.
When combining fundamentals such as positive net inflows of bitcoin to exchanges, mixed with the previously mentioned technical of lower high and lower low, we can ignore what large egos and influences say, and see that a pullback was bound to happen,” Justin Chu, senior trader at the regulated digital asset investment manager Wave Financial, said in an email.
Centralized exchanges registered a net bitcoin inflow of over 35,000 BTC in the past five days, as noted by IntoTheBlock on Twitter. Investors typically move coins to exchanges when they intend to liquidate their holdings.
ELON MUSK
His tweet says that Tesla will not be using bitcoin for future transactions. The reason is simple, the usage of coals causes a huge carbon footprint. This is a big concern to the environment of the world.
It is the same concern, Bill Gates warned about a couple of months back saying, Bitcoin is bad for the planet. Bill was pointing to the accessive usage of the world’s energy for validation of bitcoin transactions.
Bitcoin price began to plunge and has still not recovered. It is currently traded at 44,748.30 at the time of writing this article. This is a massive fall in its price especially when it was all set to cross the $60,000 barrier for the first time in history.
In a response to his original tweet, Elon Musk also commented saying;
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