The global cryptocurrency market lost many billions of dollars in esteem after Tesla CEO Elon Musk said his company was suspending the utilization of bitcoin for vehicle purchases, a report said.

Musk made the declaration through tweet soon after 6 p.m. Wednesday, so, all things considered the whole cryptocurrency market was esteemed at about $2.43 trillion, media revealed, refering to information from

In under three hours, the crypto market shed about $365 billion in esteem, the report said.

Be that as it may, it bounced back a few, acquiring $200 billion in a matter of seconds before the market’s opened in China — for an overal deficit of generally $165 billion since Musk’s tweet, the power source detailed.

Bitcoin, Ether and XRP all dropped in esteem.

In his declaration, Musk refered to worries about the utilization of fossil fuel for bitcoin mining.

He said Tesla would not sell any bitcoin and expects to utilize it for transactions when mining advances to more maintainable energy.

“We are additionally taking a gander at other cryptocurrencies that utilization <1% of bitcoin’s energy/transaction,” Musk said.