• Bitcoin has reached $57,500, fully recovering from Elon Musk’s-caused correction

  • Bitcoin has reached $57,000 for the first time since Tesla stopped accepting payments in the world’s largest cryptocurrency.

    The benchmark cryptocurrency reached an intraday high of $57,448 on the Bitstamp exchange, indicating that bulls have complete control of the market for the time being.

    Bitcoin was attempting to reclaim the $58,000 level on May 12, but Tesla’s heartbreaking decision decisively swung the balance in bears’ favor. The cryptocurrency fell by more than 16 percent in just a few hours after CEO Elon Musk abruptly announced a payment suspension and raised concerns about its carbon footprint.

    Suddenly, the negative environmental impact of Bitcoin has pushed it to the forefront of the crypto debate, with leaders of “green” alternative cryptocurrencies rushing to pitch their projects.

    The countless tweets of Bitcoiners attempting to persuade Musk of the benefits of mining appeared to fall on deaf ears, and things reached a boiling point when Musk suggested that Tesla could potentially sell its nine-figure Bitcoin holdings due to how he’s being treated by the community.

    Musk’s tweet about “diamond hands,” which all but confirmed Tesla’s reluctance to sell its Bitcoin stash, resulted in a truce with the unstoppable Bitcoiners. In late May, the world’s richest man also met with North American Bitcoin miners, providing some short-term relief for the shattered price.

    Musk stated at the “B Word” conference in late July that Tesla would most likely resume accepting Bitcoin payments:

    The answer is most likely that Tesla will resume accepting Bitcoin.

    Since then, Bitcoin has risen by more than 80%.

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