Price analysis 5/13: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI
Tesla (NASDAQ:) CEO Elon Musk tweeted on May 13 that the company will stop accepting (BTC) payments for its vehicle purchases, citing “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.” Shortly after the announcement, Bitcoin price dropped by 17% to hit a new local low at $46,000.
While Musk’s decision is a short-term blow to the sentiment of the market, it is unlikely to change the course of the crypto markets altogether because the institutional demand for cryptocurrencies remains high. Proof of this came yesterday as Cowen Inc., a 103-year-old bank, announced that it had partnered with Standard Custody and Trust Co. to enter the crypto custody business.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.