Bitcoin value tumbles after Musk suspends its use for payments for Tesla cars

The largest cryptocurrency dropped as much as 15% to just above $46,000, before paring some of the retreat. Other tokens, such as Ether and Dogecoin, also slid.

Elon Musk cited concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” while signaling that Tesla might accept other cryptocurrencies if they are much less energy intensive.

Tesla CEO Elon Musk has said the electric-vehicle manufacturer is suspending purchases using Bitcoin, triggering a slide in the digital currency.

In a post on Twitter, Mr Musk cited concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” while signaling that Tesla might accept other cryptocurrencies if they are much less energy intensive.