Bitcoin: the end

 Bitcoin has gained fame like no one else in the internet world and people are taking more and more interest in it. As a result users of bitcoin is increasing day by day. Bitcoin gave many millionaires in it's course of time.

Bitcoin price rise
Source:The Financial Express

People's increasing interest in bitcoin gave it wings to stand on the top. The bitcoin being the number one cryptocurrency has seen a fair share of it's rise and fall in the market. It's market value increasing and decreasing was a comman thing.

But the market value of bitcoin suddenly dropping and people rushing to sell it has a lot to do with the Tesla and SpaceX ceo Mr. Musk. His post on Twitter clearly said that Tesla is suspending the purchases on bitcoin which caused a lot of harm to the people. Including that the company won't sell any of it's bitcoin which they are holding.

The bitcoin crash 2021 comparison
Source: Mining.com

Mr. Musk also added that they will accept other cryptocurrency which they seem is fit. As a result the largest cryptocurrency dropped as much as 15% in the present Asian market creating a environment filled with tension dropping below $50,000.

The funny thing that Elon Musk was the person who support bitcoin and even dedicated a website page to bitcoin stating it's importance. In the past he announced that Tesla will accept the bitcoin currency as a  payment method and it did for a certain time earning about 1.5 billion bitcoin.

Elon musk sharing his feeling for the cryptocurrency Doge
Source: The Indian Express

The sudden announcement was definitely a shock to the stock market but what is the main reason to cut the purchases through bitcoin is the important question here.

Please comment your thoughts and don't forget to stay safe.