All over the world most powerful cryptocurrency is Bitcoin. but after a tweet of Elon Musk, the value of bitcoin drops below drastically.
According to the data, Bitcoin was at its lowest level on May 19 since February.
In Addition, where Elon Musk is tweeting these trends China is closing its crypto transactions.
But why is Elon Musk Tweeting These Kind of Opinion, and Why the China Government is closing its crypto transaction for an individual to industries?
Here is the reason below-
Why Does Tesla Founder Elon Musk Leaving Bitcoin Transaction?
Tesla, one of the largest EV companies in the world, used to accept Bitcoin as a transaction.
But Elon Musk (Tesla Founder) recently tweeted that Tesla is going to leave Bitcoin.
Elon Musk and his team have researched the production of Bitcoin and found significant energy usage as carbon emission over a year.
That’s why of neglecting Bitcoin. As a result, Tesla Founder is not World’s 2nd Richest Person.
Why Does China Is Prohibiting The Crypto Transaction?
On May 19, China has warned to their investors not to invest on speculative crypto trading.
They are banning all the sector of financial payments institutions.
According to the joined statement of May 19, The National Internet Finance Association of China, the Payment and Clearing Association Of China, and the China Banking Association said,
“seriously infringing on the safety of people’s property and disrupting the normal economic and financial order”
Data And Source Provided By: Money Control
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Well, that is the reason why Bitcoin drops below. Hopefully, this was helpful for you.
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