Elon Musk stood up for the cryptocurrency, but the market continues to fall

The head of Tesla, Elon Musk, confirmed that he still supports cryptocurrencies and considers them better than fiat. Even despite the large-scale sales

Recently, the billionaire has received an avalanche of criticism. Earlier, he said that Tesla will no longer accept bitcoin for payment. referring to the fact that cryptocurrency mining is harmful to the environment.

Chinese Cryptocurrency Crackdown

Bitcoin began to fall when it became known that Tesla would not accept it for payment. News from China increased the pressure on the market. The Chinese authorities also voiced concerns about the environmental consequences of bitcoin mining.

In addition, Chinese officials announced that financial institutions will be banned from participating in the provision of services related to cryptocurrency.

While bitcoin and the rest of the digital coins were tumbling headlong, members of the cryptocurrency community asked Musk to explain his position on cryptocurrencies. Many were angry that Tesla would no longer accept bitcoin payments.

Musk Still Supports Cryptocurrency

“The real battle is between fiat currencies and cryptocurrencies. In general, I support the crypt», — answered he.

Earlier, he said that he did not sell his investments in DogeCoin (DOGE). “I have not sold and will not sell my Doge.”

Bitcoin under attack

Musk’s comments, meanwhile, did not impress the cryptocurrency market. Over the weekend, the cryptocurrency fell by more than 14%, and the fall continues. On Sunday, the coin was testing the $33,800 mark. The price of the cryptocurrency has been declining for the fourteenth day in a row.

The bearish dynamics of BTC affected the state of the market as a whole. Altcoins also suffer losses. The total market cap sank to $1.3 trillion, almost halving in two weeks.

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