Oh boy. Is Wednesday the day when Bitcoin and other cryptocurrencies completely crash and never rise to the high prices they were at?
That’s a big question for investors as prices took a nosedive — Bitcoin went below $37,000 for the first time in months, down some 20 percent at certain points. Ethereum took a dip, as did Dogecoin.
What’s the deal here? The buzz seems to be focused on two events: Tesla CEO Elon Musk announcing last week that his company won’t accept Bitcoin as payment due to the use of fossil fuels for mining the cryptocurrency. Let’s look at what’s happened and the reaction to it.