World’s largest cryptocurrency, Bitcoin, has reportedly recovered some losses after Tesla’s dealt them a blow on Wednesday night/Thursday morning.

Bitcoin’s shares dipped early on Thursday after Tesla CEO, Elon Musk, announced his car company would no longer accept the cryptocurrency as a payment method during car sales.

However, Reuters reported that the crypto giant has recouped some of the 17% plunge, regaining above $50,000 in Asian trade on Thursday, following losses from Musk’s big announcement.

According to Musk, the company is “concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” though he is not selling his bitcoin investment of $1.5 billion which he bought three months ago.

CNN, citing cryptocurrency news website Coindesk, revealed that Bitcoin was down around 12% early Thursday morning, bringing the coin’s price down to about $50,900 (₦20,880,707.00)

Musk said that Tesla would use its Bitcoin “for transactions as soon as mining transitions to more sustainable energy.”

However, Musk has also courted another cryptocurrency,  the canine-themed Dogecoin, when he did a poll on Twitter to ask if Tesla should accept the currency.

CNN reports that Musk sent dogecoin’s price crashing when he played a character on “Saturday Night Live” who called the currency a “hustle.”