Are Tesla and Microsoft reasons for fall of Bitcoin?

The price of Bitcoin (BTC) fell 65% in 2018 which was the highest crash in the market since the inception of the Bitcoin. Not that much of a crash but the most popular digital currency Bitcoin faced similar backlash in May’21 so far. 

Analysts quoted a few reasons for the sudden downfall of the Bicoin but the prime reason is Elon Musk's U-turn. Bitcoin fell as much as 15% in a week after Elon announced Tesla would stop accepting Bitcoins. Massive bull run of Bitcoin this year is because of Tesla’s huge investment in Bitcoin and accepting it as payment.

Now, Tesla CEO is citing the environmental reasons for mining Bitcoin. There are many doubts and questions raised after his tweet. His tweet changed the fate of investors’ overnight and resulted in a fall of over 17% in less than 12 hours. His statement surprised many. He is talking now about fossil fuels for Bitcoin mining. Didn’t he know the environmental concerns before investing into bitcoin? Tesla CEO Statement is causing trouble for even other coins that have notched shocking returns in recent months.

Microsoft is another reason for Bitcoin price decrease. It announced the stopping of Azure blockchain technology services from September, 2021. Microsoft is silently shutting down its Azure blockchain services. Azure was introduced in 2015 and was no longer available to the developers. Blockchain technology is running behind any cryptocurrency. The first application of blockchain technology is cryptocurrencies like Bitcoin. Microsoft's decision of shutting down the Azure services influenced the price of bitcoin. As per the Analysts, Bitcoin would see new lows in the digital currency market in coming weeks.