The meme-inspired digital asset tumbled 20% to trade around 40 cents. Litecoin fell 14%, while Ripple's XRP and Ethereum's ether lost 11% - having each dropped more than 20% from their peaks.
Bitcoin dropped as much as 15% on Thursday, prompting a knock-on effect for other digital currencies, as the entire crypto market value wiped off as much as $365 billion at one point.
The sell-off is being driven by a number of factors, according to Simon Peters, a crypto-asset analyst at investment platform eToro.
"Valuations were at or near all-time highs earlier this month, so there will naturally be some profit-taking, while we are also seeing a general sell-off among risk assets - such as technology stocks - as economies start to unlock post the pandemic and investors fret over potential rate rises and higher inflation," he said.
But he expects buyers to return to cryptocurrencies in the coming weeks to take advantage of lower prices.
An overall drop in the crypto market saw "#cryptocurrencies" trending on Twitter with many users reacting to the sudden surprise that Musk delivered.
Musk, who has regularly tweeted about dogecoin, said he was concerned about "rapidly increasing use of fossil fuels for bitcoin mining and transactions." Only earlier this week, he teased that Tesla could accept payments in dogecoin.
But dogecoin was already suffering a bad week after Musk's "Saturday Night Live" appearance, at which he called it a "hustle." The digital asset is down 32% this week so far.
"Bitcoin will not last as a financial instrument with the underlying climate damage it causes through carbon emissions," Jeff Schumacher, CEO and founder of New Asset Exchange, said.
https://www.msn.com/en-us/money/mark...de/ar-BB1gH3M2
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Results 1 to 9 of 9
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Today, 07:15 AM #1artificial intelligence
- Join Date: Apr 2017
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- Rep Power: 111214
Dogecoin slumps 20% after Tesla's bitcoin shock
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Today, 07:24 AM #2
I don't know man, people told me that Bitcoin is to stick it to the man and big banks, why would a meme company have so much power on the USD valuation of it?
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Today, 07:27 AM #3
People are starting to realize bitcoin is bad for the environment it seems like
Yes... come and let us make an end of it. It matters not, even cornered, to my last breath... I remain who and what I am. I will not hide, nor tremble, nor beg. Let them come and reckon with fury that is DOOM defiant.
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Today, 07:27 AM #4Podunks Alt Account
- Join Date: Jan 2014
- Location: Dallas, Texas, United States
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Originally Posted by ymer
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Today, 07:28 AM #5Registered User
- Join Date: Jul 2013
- Age: 30
- Posts: 415
- Rep Power: 1762
Everything is dropping, people panic selling. Then Europe wakes up panic sells. Enjoy the dip and play with your nips
Halal
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Today, 07:37 AM #6Platinum User
- Join Date: Feb 2010
- Age: 44
- Posts: 22,743
- Rep Power: 129314
Originally Posted by JohnnyHotSauce
^^Former 300+lb Crew^^
WWPB2D
Nothing worthwile is ever easy.
The beatings will continue until morale improves.
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Today, 07:38 AM #7Anti-Circumcision
- Join Date: Aug 2009
- Location: Franklin, Indiana, United States
- Posts: 58,932
- Rep Power: 170692
Bought some ETH when it dipped under 4k see what happens
*DAD CREW*
*SUPER STRAIGHT*
*NATURAL DICK CREW*
*CCW*
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Today, 07:46 AM #8Ubromad?
- Join Date: Nov 2010
- Location: California, United States
- Age: 29
- Posts: 2,912
- Rep Power: 11497
everything is down, Bitcoin was down 10% yesterday, eth was down a couple days ago hard but it'll all bounce back with time
Misc Photography Crew
Sony a7iii - Sigma 35 1.4 art series.
PC Master Race, i9-9900k, 32GBs Ram, EVGA 3080 FTW3 Ultra
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Today, 07:58 AM #9artificial intelligence
- Join Date: Apr 2017
- Posts: 7,467
- Rep Power: 111214
Originally Posted by Vikes723
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