Bitcoin sinks back to $ 48,000 in worst week since February

Bitcoin sinks back to $ 48,000 in worst week

The largest cryptocurrency registers a 2% decline to $ 48,000. It has plunged more than a fifth of the record close to $ 65,000 it touched last month.

Bitcoin is going to its worst week since February after the most recent tweets about cryptocurrencies Elon Musk caused a collapse of the digital currencies.

Bitcoin is down 2% to $ 48,000 and has plunged by more than a fifth from the near $ 65,000 record it hit last month.

For months, the cryptocurrency markets have been buzzing watching the Tesla boss’s tweets. His comments on dogecoin, a token that was born as a joke and has little practical use, fueled a rally that rose in value a hundredfold this year.

Musk’s words plummeted the value of bitcoin this week after tweeting that Tesla would stop accepting it as payment due to environmental concerns.

Dogecoin is up about 25% after Musk’s latest tweet.

“Working with Doge developers to improve the system’s transaction efficiency. Potentially promising,” Musk wrote Thursday after calling it a “scam” last week, leading to a decline in its price.