- Bitcoin price slid roughly $7,000 on Wednesday after Elon Musk tweeted that Tesla will not accept BTC.
- Ethereum price dropped only $270 and is in recovery mode.
- Ripple eyes a dip into the demand zone ranging from $0.941 to $1.156 before it attempts to rise higher.
The recent Bitcoin price crash seen on Wednesday is comparable to the one in late April. However, unlike the last time, this drop was not due to rumors of new tax proposals. While many altcoins are recovering quickly, DeFi coins seem to be making a faster comeback.
Tesla drops plans of accepting BTC
The latest slump in the cryptocurrency market seems to be attributed to Tesla CEO Elon Musk’s tweet that revealed the electric vehicle manufacturer would not accept BTC.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021