The cryptocurrency market has greatly influenced in recent months due to the series of tweets by SpaceX&Telsa CEO Elon Musk, both supporting and criticizing the use of cryptocurrencies as an alternate means of payment. Musk is well known for being the second richest man on the planet and has gained a lot of following over the years with his keen interest in the cryptocurrency market. He has owned a large sum of crypto assets and is known to be actively involved in trade and addressing its shortcomings to make the trade market more reliable and eco-friendly with as few carbon emissions as possible.
On 13th May, Elon had tweeted against the use of cryptocurrencies as means of payment for Tesla cars due to the increasing environmental concerns associated with the mining and trading of these digital currencies. This led to a huge market crash, and the prices of all major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Dogecoin, among others, fell at a record low of 2-3 months. This came as a nightmare to the miners who were increasingly using lignite, a type of coal in various processes concerning the mining of these digital currencies. Recently China also announced a ban on cryptocurrency exchanges within the country, adding to the grief of established miners and traders in the area. It is worth noting that almost 80% of the total cryptocurrency mining was done in mainland China a few years back, which gradually depleted and spread to various parts of the globe.
The Tesla Chief tweeted again on Monday that he had a word with North American Bitcoin miners who are driven to increasingly evolve into a greener way forward with implementing and making use of renewable energy. He further added that they have promised to work with miners worldwide to ensure widespread adaptation of these renewable resources and decreasing carbon emissions caused due to the mining and trading processes. This has given new hope to traders and investors across the globe and has led to an increase in token prices for major cryptocurrencies.
Bitcoin’s per token value treaded up 12% since the tweet yesterday at $39,400, eliminating yesterday’s losses of over 7.5%. Ether, the second-largest cryptocurrency in terms of market capitalization, has grown even higher with a 19% increase to nearly $2,500, crossing yesterday’s losses by well over 10%. The rise in the value of these cryptic values is being associated with Elon Musk’s tweets and his influence in cryptocurrency trading.