While this volatile sector is a great year for cryptocurrencies, it has not been spared moments when prices are falling without brakes. It did so yesterday after electric car maker Tesla said it was reversing its decision to accept Bitcoin as a means of payment due to environmental concerns, given Bitcoin’s energy consumption. This rejection by one of the most cryptocurrency companies brought the market into a small abyss.
Cryptocurrency prices are recovering rapidly after Tesla decided not to accept Bitcoin as a payment method
Bitcoin was one of the hardest hit digital currencies, but the red spread to virtually all cryptocurrencies. But despite the panic afflicting thousands of investors, the situation has not since been as serious as it seems Prices are recovering rapidly.
The lowest point Bitcoin hit after the news was $ 48,000. At the time of this writing Bitcoin has passed the $ 50,000 mark again. The rest of the cryptocurrencies have followed suit, and what was a festival of the red in all price tracking apps and websites yesterday has become a parade of calming green numbers today.
In the picture you can see how the major cryptocurrencies ordered by market capitalization have increased in value compared to the last 24 hours. Some, like DOT or DOGE, have even hit double-digit floods.
This pothole is a good time to remember The cryptocurrency market is very volatile and that the price cuts are normal without implying a general collapse (although this has happened occasionally). Bitcoin itself has seen prices at least twice lower than the Tesla News in the past month, and so far has always recovered a few days later.
It should also be remembered that there are a multitude of external factors that greatly influence the price of cryptocurrencies, as we have already explained in this video: