This is why the price of bitcoin has dropped to $51,000

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falls below $51,000 after Musk, the CEO of Tesla, sent out a crucial tweet.

Musk, the CEO of Tesla, has stated that his would no longer allow as a method for vehicles. On Thursday, the collapsed as a result of his tweet.

On CoinMarketCap, has fallen below $51,000. This website monitors a number of exchanges. Previously, Bitcoin’s all-time high was more than $60,000. The of the has also fallen. On hearing about Tesla, Dogecoin also plunged.

For a long time, did not accept as a method. announced that it will be necessary on March 24, 2021.

does not offer its for sale.

is based on the blockchain, a kind of collective logbook in which all parties collectively document all transactions. Every ten minutes, a new “page” is added to this logbook with the latest updates.

To securely manage each record, a complex mathematical formula must be solved. Unique computer programs tinker all day long all over the world. This is referred to as mining. Solvers of the formula are rewarded in bitcoin. costs a lot of resources.

In February, bought for $1.5 billion. The will not sell those shares. intends to use the money for purchases until the coins can be mined with friendlier sources. Other coins that use less fossil fuels are being considered by the group.

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