Errante Crypto News Update: 14th May 2021

Hundreds of billions of dollars were wiped off the entire cryptocurrency market after Tesla CEO Elon Musk tweeted that the electric vehicle maker would suspend car purchases using bitcoin.

Tesla CEO Elon Musk said Wednesday on Twitter that Tesla has “suspended vehicle purchases using bitcoin,” out of concern over “rapidly increasing use of fossil fuels for bitcoin mining.”

The price of bitcoin dropped about 5% in the first minutes after Musk’s announcement.

It isn’t all doom and gloom for the cryptomarket though. Musk specified that Tesla plans to hold rather than sell the bitcoin it already has and would be looking into other cryptocurrencies that require less energy for transactions.

Following Musk’s announcement on Thursday, Dallas Mavericks owner Mark Cuban said that the team will continue to accept bitcoin and other cryptocurrencies because “we know that replacing Gold as a store of value will help the environment.”

Billionaire investor Cuban is a big advocate of cryptocurrencies and has encouraged the use of them as an investment, payment method and even as a tool for children to learn about money. The Mavericks began accepting cryptocurrencies as payment for tickets and merchandise in 2019 and now take bitcoin, ether and dogecoin tokens.

In other crypto news, Internet Computer, a cryptocurrency that just launched on Monday now has a market value of about $35.8 billion, according to CoinMarketCap, trading at around $289.  Internet Computer is currently ranked No. 8 among the top 10 cryptocurrencies.

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