https://www.cnbc.com/2021/05/13/bitcoin-btc-price-falls-after-tesla-stops-car-purchases-with-crypto.html Skip Navigation logo logo Markets * Pre-Markets * U.S. Markets * Currencies * Cryptocurrency * Futures & Commodities * Bonds * Funds & ETFs Business * Economy * Finance * Health & Science * Media * Real Estate * Energy * Environment * Transportation * Industrials * Retail * Wealth * Life * Small Business Investing * Invest In You * Personal Finance * Fintech * Financial Advisors * Trading Nation * Options Action * ETF Street * Buffett Archive * Earnings * Trader Talk Tech * Cybersecurity * Enterprise * Internet * Media * Mobile * Social Media * Venture Capital * Tech Guide Politics * White House * Policy * Defense * Congress * Finding Solutions CNBC TV * Live TV * Live Audio * Business Day Shows * The News with Shepard Smith * Entertainment Shows * Full Episodes * Latest Video * Top Video * CEO Interviews * CNBC Documentaries * CNBC Podcasts * CNBC World * Digital Originals * Live TV Schedule Watchlist PRO * Pro News * Pro Live * Subscribe * Sign In Menu * Make It * USA * INTL * watchlive Search quotes, news & videos SIGN IN logo Markets * Pre-Markets * U.S. Markets * Currencies * Cryptocurrency * Futures & Commodities * Bonds * Funds & ETFs Business * Economy * Finance * Health & Science * Media * Real Estate * Energy * Environment * Transportation * Industrials * Retail * Wealth * Life * Small Business Investing * Invest In You * Personal Finance * Fintech * Financial Advisors * Trading Nation * Options Action * ETF Street * Buffett Archive * Earnings * Trader Talk Tech * Cybersecurity * Enterprise * Internet * Media * Mobile * Social Media * Venture Capital * Tech Guide Politics * White House * Policy * Defense * Congress * Finding Solutions CNBC TV * Live TV * Live Audio * Business Day Shows * The News with Shepard Smith * Entertainment Shows * Full Episodes * Latest Video * Top Video * CEO Interviews * CNBC Documentaries * CNBC Podcasts * CNBC World * Digital Originals * Live TV Schedule Watchlist PRO * Pro News * Pro Live * Subscribe * Sign In Menu Cryptocurrency As much as $365 billion wiped off cryptocurrency market after Tesla stops car purchases with bitcoin Published Wed, May 12 202110:26 PM EDTUpdated 2 Hours Ago Arjun Kharpal@ArjunKharpal ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email Key Points * Tesla CEO Elon Musk tweeted that the electric vehicle maker would suspend car purchases using bitcoin, citing environmental concerns. * As much as $365.85 billion was wiped off the entire cryptocurrency market though it did pare some losses. Bitcoin, ether and XRP were all sharply lower. * Musk said Tesla will not be selling any bitcoin and intends to use it for transactions "as soon as mining transitions to more sustainable energy." In this article * TSLA * BTC.CB= * ETH.CM= * XRP.CM= VIDEO2:2602:26 Tesla suspends use of bitcoin as payment over environmental concerns Squawk Box Hundreds of billions of dollars were wiped off the entire cryptocurrency market after Tesla CEO Elon Musk tweeted that the electric vehicle maker would suspend car purchases using bitcoin. At around 6 p.m. ET on Wednesday when Musk made the announcement, the value of the whole cryptocurrency market stood at around $2.43 trillion, according to data from Coinmarketcap.com. By 8:45 p.m., the market capitalization had dropped to around $2.06 trillion, wiping off around $365.85 billion. The market has since pared some losses, and by around 3:00 p.m. on Thursday, the cryptocurrency market had seen around $290 billion wiped off its value since Musk's tweet. Bitcoin was down 10.6% at around $48,500, according to Coin Metrics data, its first time below the $50,000 since Apr. 24. Despite the recent pullback, bitcoin is still up over 400% in the last 12 months. In February, Tesla announced in a regulatory filing that it had purchased $1.5 billion worth of bitcoin and planned to accept the cryptocurrency for payments. Musk cited environmental concerns on Thursday and said Tesla is "concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel." Bitcoin is not issued by a single entity like a central bank. Instead, it is maintained by a network of so-called "miners." These miners use purpose-built computers that require a lot of energy to solve complex mathematical puzzles in order for bitcoin transactions to go through. Bitcoin's energy consumption is larger than some individual countries. Other cryptocurrencies ether and XRP were also sharply lower. Musk has been a big proponent of digital currencies including bitcoin and dogecoin, helping to drive their prices higher in recent months. The Tesla CEO said the company will not be selling any bitcoin and intends to use it for transactions "as soon as mining transitions to more sustainable energy." Bitcoin has garnered interest in the last year as companies such as Square and Tesla announced bitcoin purchases and large institutional investors entered the cryptocurrency space. Major investment banks like Goldman Sachs and Morgan Stanley have also sought ways to allow their wealthy clients to get bitcoin exposure. logo * Subscribe to CNBC PRO * Licensing & Reprints * CNBC Councils * Supply Chain Values * CNBC on Peacock * Advertise With Us * Join the CNBC Panel * Digital Products * News Releases * Closed Captioning * Corrections * About CNBC * Internships * Site Map * Podcasts * Ad Choices * Careers * Help * Contact * * * * * * * News Tips Got a confidential news tip? We want to hear from you. Get In Touch CNBC Newsletters Sign up for free newsletters and get more CNBC delivered to your inbox Sign Up Now Get this delivered to your inbox, and more info about our products and services. Privacy Policy|Do Not Sell My Personal Information|CA Notice|Terms of Service (c) 2021 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. 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