Tuesday, May 21, 2024

Tag: Bitcoin

Michael Burry, the quirky hedge-fund manager made famous in The Big Short movie (played by Christian Bale), complains that no one is paying attention to crypto’s leverage. For months, he has been suggesting that bitcoin is on the precipice of collapse.
Malaysian cops seized and destroyed 1,069 bitcoin mining rigs by crushing them with a steamroller — after the miners allegedly siphoned off almost $2 million worth of electricity to power the energy-intensive machines.
Elon Musk’s months-long run as the richest man on the planet has come to an end. The Tesla shares registered a 6% tumble when the markets opened on Monday, the largest one-day drop in the past six months. It registered a further 10% slide on Tuesday after investors became keen on selling off. Within two days, Musk's net worth dropped 30 billion USD. The epic loss occurred due to two main reasons.