Bitcoin is the utmost sizzling cryptocurrency of the marketplace. However, the recent volatile territory of bitcoin and other crypto industry have shattered down crypto investors. On the 19th of May, the price of bitcoin hit the ground as the cost of bitcoins fell by 30% and the value of ethereum fell by 45%. The crypto crash was not equipped with long-term momentum, but it did affect the price of bitcoin and another cryptocurrency in an immense manner.
The value of bitcoin was headed on the restoration route just one day after the bitcoin crash; there are two types of crypto investors: blaming musk for the crypto crash and the second one who is thankful to Elon musk for restoring the price of bitcoin and another cryptocurrency. There are forums like digital wallet, which can assist in getting some productive outcomes in the journey.-
The recent meet of Elon musk with bitcoin miners did incline the price of bitcoin to $38000. Here are some of the updates regarding the recent meet of eon musk with the bitcoin miners, so without wasting any further ado, let’s get started.
Bitcoin freefall!
As mentioned ahead, the crypto market crashed down by 30%; the freefall was quite harsh for the small business accepting bitcoins and for the investors who have invested a significant amount in the bitcoin units. However, bitcoin somehow managed to halt the milestone of $40000 on the 24th of May. The condition of bitcoin was exceedingly worse at the instance of the crypto crash. According to the crypto watchers, the price of bitcoin was merely restored due to Elon musk; recently, Elon musk had a meeting with the significant miners alongside the strategy head Michael Saylor.
Elon Musk tweeted that he had communicated with the North American miners. Moreover, he thanked the miners for making the operation greener. The meeting was held by Micheal Saylor in order to address the consumption of renewable sources of energy in the bitcoin mining progression, conferring the tweet of Elon musk the route sounds promising to the co-founder of tesla motors. The core notion behind holding up the meeting is that on the 13th of May, Elon musk tweeted a reversal tweet on not accepting bitcoin as a payment method.
The primary reason behind the tweet was the energy consumption of bitcoin mining progression. Elon musk addressed that the bitcoin mining route is consuming an exceeding extent of electricity; he acknowledged that the utilization of fossil fuel, especially coal, is on a roll.
The reversal tweet also indicated that the tesla motors is ready to accept any cryptocurrency consuming energy less than 1% of the entire energy consumption while verifying the transaction. Elon musk ended the speculation by tweeting that he did not sell any of the bitcoin, neither of tesla motors nor of solely eon musk. The crypto crash wiped bitcoin worth 500 billion dollars from the entire crypto industry, which is exceedingly devastating for investors.
Moreover, bitcoin mining is about to be banned in New York due to greenhouse gas emissions. The new York senate committee has drafted a bill to halt bitcoin mining for three years. The bill was represented by senate Kevin in front of the committee. Miners will be rendered at a time of 120 days in order to utterly diminish the progression of bitcoin mining.
Moreover, the china crypto crackdown majorly consists of banning bitcoin mining in every region of China. Beijing, the capital of bitcoin mining in the chin, has already blazed the trail of halting bitcoin mining. The renowned mining pool of china has suspended rendering any services in terms of bitcoin mining. Moreover, the trustable exchange has begun to stop offering services to new clients.
Did The Tweet Of Elon Musk Really Help?
Yes, the tweet of Elon musk actually did help bitcoin and other cryptocurrencies on heading to the restoration path. Elon musk tweets of diamond hands, supporting cryptocurrencies in the battle against fiat currencies, and meeting miners have been utterly beneficial for the route to take place.
This is how the tweet of Elon musk really helped the bitcoin and crypto industry on the restoration route.
