The fall of the crypto market started when Elon Musk made a tweet
declaring that Telsa has stopped accepting Bitcoin payments, citing the
environmental concerns of Bitcoin. Overnight, the price of Bitcoin fell
down 17 per cent. It's imperative to understand that the price of
Bitcoin drives the whole crypto market. When Bitcoin falls
significantly, it causes panic selling among crypto investors as they
sell their Altcoins. Elon Musk didn't stop there, he continued to attack
Bitcoin, calling it 'centralised' in another one of his tweets. As the
negative tweets from Elon continued, the Bitcoin kept crashing.
At the time of writing this article, the Bitcoin price stands at $45,191, almost a 28 per cent drop from the April peak price of $64,000. Ethereum is down by $500 from a peak price of more than $4000 to $3,500. Dogecoin is down from its peak price of $0.71 cents to hovering around $0.51 cents. Other major coins have also seen a significant fall in their prices.
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