—Read Here— “The value of the global cryptocurrency market plunged by more than $350 billion overnight,” writes Daily Beast editor Blake Montgomery, “on news that Elon Musk suspended the use of bitcoin to pay for Tesla vehicles because of his concerns about the cryptocurrency’s energy consumption.”
While it’s inaccurate to solely attribute the dip to Tesla’s announcement and the tendency for media sources to attribute cryptocurrency price moves to the actions of public figures and exterior price manipulation, it is reasonably concluded that Tesla’s announcement makes up a good portion of the reasoning for dip we’re seeing.
Nevertheless, objectively one also has to recognize that price corrections are par for the course and the price will never move in one direction for that long.
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