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Tesla CEO Elon Musk has changed his stance on cryptocurrency.

Back in March, Musk announced Tesla was accepting Bitcoin for its electric cars. Earlier this year the EV company even bought $1.5 billion of the cryptocurrency.

On Wednesday afternoon, that all ended. Musk tweeted that the cryptocurrency's "great cost to the environment" meant Tesla won't be offering the payment option for its zero-emissions vehicles.

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The price of bitcoin has crashed spectacularly following weeks of steady gains.

More than $10,000 was wiped from the cryptocurrency’s value in the space of just a few hours on Monday, taking its value below $50,000.

The price correction came after bitcoin hit a new all-time high above $58,000 on Sunday.

Bitcoin’s price fell to below $49,000 on Monday, though its remarkable gains meant it was still trading higher than it was one week ago.

Other major cryptocurrencies also experienced heavy losses, including Ethereum (ether), bitcoin cash, cardano and dogecoin.

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Today in an SEC filing, Tesla disclosed that it has acquired $1.5 billion in bitcoin, the popular cryptocurrency. Moreover, the company noted that it may also accept bitcoin in the future as a form of payment for its cars, though it did allow that there is some regulatory uncertainty around that effort.

As the news broke, the price of bitcoin instantly rose by around 7% to more than $40,000 per coin.

Tesla had previously telegraphed that it had an interest in the cryptocurrency, however to purchase such a large block of the coin is notable.

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