Bitcoin bloodbath: Musk's words have Bitcoin bulls running out of steam

In early trading on Thursday, cryptocurrencies collectively plunged, with Bitcoin falling more than 16% in 24 hours. Bitcoin's 24-hour decline widened to 16%, falling below $46,000 per coin.

Not only did Bitcoin plummet, but Ethereum also fell by more than 13%, Ripple fell by more than 17%, and Dogecoin fell by more than 27%.

The decline was mainly due to Musk's words: Tesla CEO Elon Musk said that Tesla has suspended the use of Bitcoin payments. Tesla previously began accepting Bitcoin as a payment method in late March.
Yesterday, Tesla CEO Elon Musk launched a 24-hour limited vote on Twitter, asking netizens whether they want Tesla to accept Dogecoin as a payment method. The vote has ended, and among more than 3.92 million votes, 78.2% of netizens chose Yes and 21.8% chose No.
However, Musk said that cryptocurrency is a good idea on many levels and we believe it has a promising future, but it cannot be at the expense of the environment. We are concerned about the rapid increase in the frequency of fossil fuel use in Bitcoin mining and transactions.
At the same time, Musk also said that Tesla will not sell any Bitcoin. Tesla is considering using cryptocurrencies that consume less energy.