Major cryptocurrencies plunged into the red on Friday morning as the crypto market continues its volatility since last week’s massive sell-off.
Bitcoin (BTC-USD) fell back below $40,000 (£28,195) during the session, trading 4.9% lower to $36,708.
The world’s second most popular crypto, ethereum (ETH-USD) crashed over 7% to $2.549, while dogecoin (DOGE) slumped 7% to $0.31.
It comes after influential fund manager Cathie Wood — the founder of Ark Investment Management — blamed the crypto crash on the “ESG movement.”
Speaking to Coindesk’s Consensus 2021 conference, Wood said ESG (environmental, social and governance) concerns over Bitcoin’s energy use, exacerbated by Tesla (TSLA) boss Elon Musk, had put a lot of institutional buying “on pause.”
Despite that, Wood provided a message of reassurance, saying the top cryptocurrency, bitcoin, is “already on its way and it’ll be impossible to shut it…
