Elon Musk has reportedly lost $20 billion since his May 8 appearance on Saturday Night Live, as the news of Tesla halting Bitcoin payments for cars continues to send shockwaves across markets. On May 7, the day before Musk made his appearance on SNL, Tesla stock was sitting at $669. In the week since, the stock has declined 14% to sit around $573. According to Forbes estimates, this sudden drop has seen Musk’s $166-billion net worth plunge by $20 billion down to around $145.5 billion. The 14% drop this week adds to an overall downward trend for Tesla stock over …

After months of touting the benefits of Bitcoin (BTC) and blockchain technology, Tesla CEO Elon Musk shocked Crypto Twitter on Wednesday by announcing that the electric car company would suspend its accepting BTC as a form of payment, citing concerns related to the energy required to mine the top cryptocurrency. As Tesla issued its statement, Bitcoin, Ether (ETH) and a large segment of altcoins sold off sharply, but there were a few projects that found clever ways to capitalize off the mayhem by tweeting about the “green” nature of their networks, which require only a tiny fraction of the energy …

There’s more to crypto than Elon Musk’s frequent (and frequently misguided) tweets on the subjects of Bitcoin (BTC) and Dogecoin (DOGE). And although the brilliantly visionary CEO/Securities and Exchange Commission-baiting meme king may have positioned himself as a news cycle unto himself, crypto news has the power to influence major price action across the altcoin markets — particularly if you can be the first to react to it. Rumors and news are the true tectonic forces behind the cryptocurrency market’s dynamics. Extensive research by the Cointelegraph Markets Pro data team suggests that three types of announcements — listings, staking and …

Billionaire investor Mark Cuban will not be following in Tesla CEO Elon Musk’s footsteps in withdrawing support for Bitcoin (BTC) payment. Tweeting in response to Musk on Wednesday, the Dallas Mavericks owner remarked that the Mavs will continue to accept Bitcoin, Ether (ETH) and Dogecoin (DOGE) as payment means for tickets and merchandise items. We at https://t.co/VUydpLFzGh will continue to accept BTC/Eth/Doge because we know that replacing Gold as a store of value will help the environment https://t.co/bs7NvnJY8A and https://t.co/ELhbuLOBRV shrinking big bank and coin usage will benefit society and the environment https://t.co/zu08F0STEQ — Mark Cuban (@mcuban) May 12, 2021 …

Bitcoin (BTC) dived 17% when Tesla CEO Elon Musk criticized its energy consumption — but it’s already bouncing back. On Thursday, fresh from its dip to $45,600, BTC/USD is trading above $51,000, having regained over half its lost ground. With the drama still spreading, Cointelegraph considers why, on a fundamental level, Bitcoin is ultimately resilient to the actions of a single user — no matter how influential they are. Proof-of-work doesn’t care Bitcoin’s proof-of-work algorithm rewards both miners and investors over time because their years of work make the network stronger. The longer Bitcoin continues, the less likely it is …

On May 13, Elon Musk sent shockwaves across the crypto markets by revealing that Tesla will no longer accept any BTC payments for cars until Bitcoin mining becomes more environmentally sustainable. Musk notes that while Tesla waits for Bitcoin to move to renewable energy, the firm will be looking at “other cryptocurrencies” that use less than 1% of Bitcoin’s energy per transaction. Tesla & Bitcoin pic.twitter.com/YSswJmVZhP — Elon Musk (@elonmusk) May 12, 2021 The tweet sent much of the crypto community into a frenzy of speculation as to what other crypto assets Tesla may be exploring. Social influencer “The Cryptic …

With Tesla’s suspension of Bitcoin payments causing chaos in crypto markets today, critics have targeted CEO Elon Musk’s cavalier attitude to the dramatic effects his words and actions can have on the sector. On May 13, Tesla and Musk announced that it had ceased accepting BTC as payment for vehicles due to concerns regarding the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.” In response to the news, Bitcoin shed 15% in less than three hours, plummeting from nearly $55,000 to $46,600. Bitcoin’s “Fear & Greed Index” has also swung aggressively from yesterday’s greedy score …

Bitcoin markets are pulling back after electric car manufacturer Tesla suspended its support for vehicle purchases using Bitcoin (BTC). In a May 13 tweet, Tesla’s CEO Elon Musk noted the company’s concerns regarding the "rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal." While Musk predicted that cryptocurrency "has a promising future,” he concluded that the rise of digital assets “cannot come at a great cost to the environment." However, the firm has not ruled out accepting BTC again in the future, with the post noting that it will resume using Bitcoin "for transactions as soon …

Cryptocurrency traders awoke to an altcoin bonanza as a handful of meme tokens, along with some of the more established projects, staged double-digit rallies while Bitcoin (BTC) price slowly recovers to the $57,000 level. The biggest event generating conversations across the crypto sector and social media is the rise of dog-themed tokens inspired by the recent mega rally from Dogecoin (DOGE). The more than 20,000% rally from DOGE has shocked value investors across the world and many Bitcoin maximalist and equities traders are scratching their heads in confusion, given that DOGE was originally created as a simple joke. While DOGE …

Tesla CEO Elon Musk has stirred the proverbial “doges’ nest” once again with another tweet about the quintessential meme coin, Dogecoin (DOGE). Tweeting on Tuesday, Musk ran a Twitter poll asking respondents whether they want Tesla to accept Dogecoin as a payment method. Do you want Tesla to accept Doge? — Elon Musk (@elonmusk) May 11, 2021 The poll, posted at 8:00 am UTC, garnered over 400,000 responses in the first 10 minutes and is almost at the 1-million mark, as of the time of writing. Musk’s Twitter poll will run for 24 hours and could be a precursor to …

Bitcoin (BTC) could see a price drop to as low as $40,000 if higher support levels fail to hold, an industry CEO said. Speaking to Bloomberg on Tuesday, Pankaj Balani, CEO of digital asset derivatives exchange Delta Exchange, warned that there is a danger of fresh significant losses for BTC/USD. Balani doubts altcoins’ resilience to BTC dip Bitcoin shed around 5% overnight on Monday, the latest in a familiar cycle of dips and rebounds below crucial resistance, which begins at around $59,500. At the time of writing, the largest cryptocurrency traded at just above $55,000. For Balani, $50,000 now forms …

Since the start of 2021, Dogecoin (DOGE) has sat in the spotlight as its growing community of retail and business-class level supporters have orchestrated a coordinated push to send the popular meme-coin to the $1 level. Most recently, DOGE pulled off a 10x gain as it rallied to $0.74 in the past week. The breakout was fueled mainly by Tesla CEO Elon Musk and his constant mentions of the token on social networks and interviews. Surprisingly, as Musk debuted on Saturday Night Live on May 8, Dogecoin price corrected by 42% even as Musk, his mother, and SNL actors mentioned …