Elon Musk and the “ESG movement” are responsible for the recent drop in cryptocurrency prices, an influential fund manager told CoinDesk’s Consensus 2021 conference today. Cathie Wood, the founder of Ark Investment Management, said bitcoin – which has lost up to 50% of its value in the last few weeks – has come under pressure from institutional investors concerned about its environmental profile. “It was precipitated by the ESG [environmental, social and governance] movement and this notion, which was exacerbated by Elon Musk, that there are some real environmental problems with the mining of bitcoin. A lot of ... (full story)