The crypto market is facing a difficult day amid ongoing concerns about the cryptocurrency’s climate impact and further comments from Elon Musk.
Mr Musk, who has become more publicly skeptical about Bitcoin in recent days, initially suggested that Tesla could have sold its huge Bitcoin holdings. He later denied it, which helped the price stabilize but not recover.
This is followed by public statements from the Tesla CEO that he is concerned about the climate impact of the cryptocurrency. He’s also said he’s working on making it cleaner, including discussions with engineers working on Dogecoin.
The latest comments are at a difficult time for the cryptocurrency market. Overall, it is down 8.23 percent on the last day and lost $ 2.1 trillion, according to tracking website CoinMarketCap.
That hit every major cryptocurrency. Bitcoin was down 8.5 percent, Ethereum 9.3 percent, and Dogecoin continued to struggle after losing 5.5 percent the previous day.
Even Cardano – which is promoting itself as a sustainable coin and has weathered some of the losses that hit others – fell more than 9 percent, though it’s still up nearly 25 percent over the past week.
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Asset managers say they avoid cryptocurrencies
“Our stance with clients is the ten-foot-pole rule: stay away from it,” Jason Pride, Glenmede’s chief investment officer, private wealthy told the FT. “I don’t think the Fed and other regulators are fans of the current structure of the cryptocurrency market.”
Even the more positive money managers raised concerns about whether Bitcoin would be a safe investment.
“We refer to Bitcoin as a store of value aimed at and it is a youngster in terms of its evolution due to its extreme volatility,” said Tom Jessop, director of digital assets at Fidelity. “Some investors are willing to accept the volatility as they see Bitcoin as a long-term risk opportunity.”
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Musky tweet stops but doesn’t turn back
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Musk suggests that Tesla may have sold Bitcoin holdings – and then denies it
Musk denied it. That helped stabilize the price – but didn’t bring back any of its losses on the last day. Bitcoin was down 8.4 percent on the last day, and the market as a whole fell roughly the same, according to CoinMarketCap.
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