Bitcoin has suffered in the past few weeks as the price hit a three-month low.
There were predictions that Bitcoin would rise above $ 60,000 and even higher as cryptocurrency coins didn’t seem to be slowing down.
Crypto investors and mining saw a resurgence this year as better computer hardware released and celebrities promote cryptocurrency on social media.
However, if you invest in cryptocurrency, you may find that bitcoin prices have been falling lately.
Or, if you’re interested in crypto, you might be curious about why prices have gone down.
Well, there are a number of things you may not know if you are not up to date with the latest news.
This is why the price of Bitcoin was so low this week:
Bitcoin met with success when Elon Musk announced that Tesla would stop purchasing Bitcoin.
In a tweet he said, “We are concerned about the rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
“Cryptocurrency is a good idea … but it cannot come at a high cost to the environment.”
Then China announced this week that it would take action against the cryptocurrency.
On Tuesday, three government-backed organizations, including the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China, issued a warning on social media.
They said consumers would have no protection if they suffered losses from investment transactions in cryptocurrency.
They added that the recent wild swings in cryptocurrency prices “seriously harm the security of people’s assets” and disrupt “normal economic and financial order”.