Market decline

Musk backs crypto on Fiat as market decline continues

Tesla CEO Elon Musk Elon Musk endorsed cryptocurrencies over fiat currencies despite continued market selling

The billionaire has recently come under heavy criticism. Musk previously said Tesla would no longer accept BTC as a payment method. The change in stance has been attributed to environmental concerns during bitcoin mining.

China’s crackdown is hurting bitcoin

Following Tesla’s announcement, the price of bitcoin began to drop. The price of bitcoin has continued to decline following recent moves by China to crack down on BTC mining in the country. Citing similar concerns related to carbon emissions, as well as the protection of the country’s financial system.

The country has also announced that it will ban financial institutions from participating in crypto services.

As bitcoin and the crypto market as a whole had one of their worst weeks this year, Twitter users reached out to Musk for comment on his views on how he feels about crypto users who were angry with him over his removal from bitcoin payments.

Musk still supports crypto

Musk commented on the issue, saying “The real battle is between fiat and crypto. Overall, I support the latter.

Musk also has previously indicated who did not sell any of his holdings in DogeCoin (DOGE), saying “I do not have and will not sell any Doge”.

Bitcoin takes a hit

Musk’s supporting crypto has little effect on the market this time around, however. Bitcoin fell 14% over the weekend as the market continued to sell. Bitcoin fell to $ 33,800 on Sunday. Making it the fourteenth day in a row the price of bitcoin has gone down.

The negative price action of Bitcoin has significantly affected the rest of the market. As altcoins have also taken a beating. Total market capitalization had fallen to $ 1.3 trillion, from a high of $ 2.5 trillion two weeks ago.

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