Bitcoin Hits $57K, Fully Recovering from Elon Musk-Driven Correction

Bitcoin Hits $57K, Fully Recovering from Elon Musk-Driven Correction

Bitcoin has reached the $57,000 level for the first time since Tesla stopped accepting payments in the largest cryptocurrency.The benchmark crypto hit an intraday peak of $57,448 on the Bitstamp exchange, with bulls being in complete control over the market for now.

On May 12, Bitcoin was attempting to reclaim the $58,000 level, but Tesla’s soul-crushing decision decisively swung the balance in bears’ favor. The cryptocurrency crashed over 16% in mere hours after CEO Elon Musk abruptly announced the suspension of payments and amplified concerns about its carbon footprint.Suddenly, Bitcoin’s adverse environmental impact has been pushed to the forefront of the crypto debate, with the leaders of “green” alternative cryptocurrencies rushing to pitch their projects.

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