Bitcoin slumps after Elon Musk criticises high cost to environment

Bitcoin was unloved in overnight trading after Elon Musk voiced concern about the energy used that was increasingly needed to mine the cryptocurrency.

Due to the "rapidly increasing use of fossil fuels for Bitcoin purchases" Tesla's chief executive officer said the manufacturer would suspend purchases with the asset and might favour other cryptocurrencies with much lower energy usage.

Nevertheless, in a post, Musk went on to say that Tesla did not intend to sell any of its Bitcoin and aimed to use it for transactions when mining shifted to more sustainable energy sources.

"We believe it has a promising future, but this cannot come at great cost to the environment."