The market value of cryptocurrencies dropped from $2.43 trillion to about $2.06 trillion after Tesla’s Elon Musk suspended car purchases using bitcoin, CNBC reports. Musk cited environmental issues in bitcoin transactions and mining in his move.
The market cap drop means $365.85 billion were wiped out from the crypto market although it discovered some losses to around $165.75 billion at about 9.22 a.m. Singapore time.
The move comes after Tesla purchased $1.5 billion worth of bitcoin in February and was to allow it for payments.
Musk said the electric carmaker will not sell any bitcoin and will use it for transactions as mining becomes more sustainable.
Major cryptocurrencies are currently gaining. BTCUSD is up 3.46%, ETHUSD is up 4.68%