Crypto market bounces back as Elon Musk steps in with bold claim
Digital cryptocurrencies seem to be back on the rise following a devastating slump in value last week.
All but one cryptocurrency plummeted after China announced new measures to try and curb mining.
Bitcoin dropped 25% in value in a 24-hour period, while Ethereum and Dogecoin dropped by more than 37% in that time. By Sunday, Bitcoin had lost almost 50% of its all-time high.
Matters were compounded by Elon Musk backtracking on plans for his electric car company Tesla to accept Bitcoin as payment.
However, things appear to be looking up as Musk stepped back into the ring with a choice statements.
The billionaire initially said that Tesla would move away from Bitcoin because of the huge environmental impact involved in mining. But now he has claimed he is in talks with Bitcoin miners about possible renewable energy solutions.
Even crazy ol’ John McAfee has got involved – calling cryptocurrency our ‘last hope for financial independence.’
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