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Market Wrap: Bitcoin Falls for Second Straight Day After Tesla Action; Ether Follows

 It’s Elon Musk’s crypto world. A bearish tweet from the entrepreneur on bitcoin and Tesla reneging on using it as a payment method sent crypto markets dropping.

Source of the article : coindesk



Bitcoin was down 10% Thursday as of press time and going as low as $47,720 around 01:00 UTC (9 p.m. ET). The world’s largest cryptocurrency by market capitalization was below the 10-hour moving average and the 50-day, a bearish signal for market technicians.

One fundamental reason for bitcoin’s drop: Tesla. Bitcoin’s price has been in a very defined range over the past two weeks but the electric car maker’s announcement Wednesday that it would stop accepting BTC because of environmental issues related to bitcoin mining led to immediate selling that spilled into the next day.


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