Ever since the year 2021 began, every week has turned out to be unique and one of a kind. For the cryptocurrency investors and observers, every week turned out to be full of surprises and treats for the cryptocurrency community.
However, the last week turned out to be one of the most shocking and surprising not only for the crypto-community but for the entire mainstream industry. Several shocking news made it to the headlines in the last week but some of them earned the spotlight.
One of the major and shocking news for the cryptocurrency and mainstream industry was the crisis observed by Bitcoin (BTC). For many weeks, Bitcoin (BTC) has found it difficult to overcome its bearish nature and had been struggling to hit the $60k mark again.
However, things turned ugly for Bitcoin (BTC) as the recent developments pushed its price down the drain. As of now, Bitcoin (BTC) is trading at a price of $44,890.62, which an extremely low figure currently is being observed by Bitcoin (BTC).
The major factor behind its downfall is concerns raised by mainstream institutions over its carbon emission characteristics. Many criticize that Bitcoin (BTC) is being mined through energy sources that are increasing the rate of carbon emission in the atmosphere.
Therefore, firms such as Tesla and Square have started delisting Bitcoin (BTC) from their platforms. The firms have either ceased purchasing BTC or they have stopped accepting it as a mode of payment. This has pushed the price of BTC further down from $50k per BTC, and there is fear that BTC may end up falling below $40k.
Then there is Elon Musk, who is responsible for the latter news. The first one indeed is Elon Musk’s decision to drop Bitcoin (BTC) as a payment method for Tesla. It was just recently when Tesla had made the announcement and it has discontinued it in a matter of weeks.
Many are criticizing that adopting Bitcoin (BTC) was a stunt pulled off by Elon Musk and Tesla. They did this to bring in more rally for Bitcoin (BTC). Initially, they did it by announcing they had invested in BTC, which brought in a huge rally for the digital asset.
Later on, they announced BTC was adopted as a payment method for Tesla, which pushed its price even higher. Once the situation was in their favor and profitable, they went ahead and announced the discontinuation of BTC on their platform. There are speculations that Tesla has already sold off their BTC, which is the reason why the BTC network such high liquidation.
Then there is Dogecoin (DOGE), which is again experiencing an all-time high. Although many had expected that Musk’s appearance at SNL on May 8, would help increase DOGE’s price, it ended up experiencing a downward trend.
Since the announcement, the price of DOGE dropped around 24%, but soon its price picked up as Coinbase announced it was going to enlist it on its platform in the coming months.