Crypto Plunges On Tesla Not Accepting Bitcoin And Vitalik Gifts $1 Billion Shiba

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Last Updated on 13 May 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Bitcoin saw a correction which took it near $48k as crypto followed both the Nasdaq and Dow Jones down. Altcoins were also severely down with several coins in the CoinMarketCap top 10 seeing double digits in red territory.

US stock markets have been selling off for three days now. The Dow Jones Industrial Index, the S&P500 Index and the tech-heavy Nasdaq index all pummeled lower, closing more than 2% down as their session ended.

In fact, tech stocks saw their worst day since March 18 of this year.

It comes as government reports showed that US consumer prices surged upwards some 4.2%, raising the fears of inflation again on Wall Street.

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Tesla not accepting Bitcoin as payment

News also emerged that Tesla boss Elon Musk would no longer be accepting Bitcoin as payment for his electric cars after customers pointed out the high environmental cost of mining the biggest cryptocurrency.

Musk, normally an avid crypto fan (he was seen promoting Dogecoin during the popular television program Saturday Night Live just this weekend) posted the news on is Twitter account.

Since 75% of the miners use renewable energy and most of the energy used was otherwise wasted, this could be a way to scoop up some cheap Bitcoin.

Vitalik charity to India

Meanwhile the memecoin Shiba Inu, which is supposed to serve as a newer version of Dogecoin, saw a sharp selloff of some 30% overnight after it emerged that the biggest whale, Ethereum boss Vitalik Buterin, sent $1 billion worth of the coin to the Indian crypto relief fund.

Vitalik, who has been gifted 50% of all the Shiba Inu coins by the developers in order to give them credibility, has in the past shown his heart already for good causes and this time was no different. His action earned him praise from the cryptosphere.