Bitcoin drops after report Binance under U.S. probe, Tesla fallout

NEW YORK: Bitcoin fell to a more than two-month low on Thursday in the wake of Tesla chief Elon Musk reversing his stance on accepting the digital currency, selling off for a second straight session on news of a US probe into Binance, one of the world's biggest crytocurrency exchanges.

"However, it is important to remember that bitcoin is much bigger than the celebrities of today or indeed the makers and shakers in the space."AdvertisementEthereum, the second-largest cryptocurrency, dropped to a session low of US$3,543.62 and last changed hands at US$3,633, down 4.6 per cent. On Wednesday, ethereum hit another all-time high of US$4,380.64.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk tweeted.Musk's comments roiled markets even though he said Tesla would not sell any bitcoin and would resume accepting it as soon as"mining" for it transitioned to more sustainable energy.

Jeffrey Wang, Vancouver-based head of Americas at Amber Group, a cryptocurrency service provider, said broader selling of risk assets in traditional markets was another factor behind Wednesday's bitcoin plunge. "Environmental matters are an incredibly sensitive subject right now, and Tesla's move might serve as a wake-up call to businesses and consumers using Bitcoin, who hadn't hitherto considered its carbon footprint," Laith Khalaf, an analyst at AJ Bell, said.

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