Crypto ‘recipe for disaster’ keeps Bitcoin, Ether under pressure

Bitcoin and Ether remained under pressure after a bruising U.S. session that left much of the cryptocurrency community in shock.

The two leading digital tokens slipped back toward this week’s lows during Asian trading before rebounding. Bitcoin dropped as much as 8.7% and was trading at $39,270 as of 12:09 p.m in Hong Kong. Ether slumped as much as 15% but later pared that decline.

Cryptocurrencies have tumbled this week after Tesla Inc. founder Elon Musk complained about the fossil-fuel usage implied by Bitcoin’s energy needs while reversing his pledge to allow purchases of cars with the largest token.