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Bitcoin–and the cryptocurrency industry as a whole–plunged this year, after a gravity-defying surge in recent years. The price of the digital coin hit nearly $20,000 late last year. And then in early 2018, it began to fall. Though it hit a few plateaus, the price has still tumbled; today it hovers at a little over $3,000.
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Bitcoin ETFs, once considered a pipe dream, are now a reality giving investors more avenues to invest in cryptocurrency.
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MASSENA, N.Y. (AP) — A New York town along the Canadian border plans to impose a 90-day moratorium on new cryptocurrency mining operations to make sure local roadsides are not cluttered with trailers and shipping containers loaded with computers.
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"Some of the NFT collections had bounced by 50-60% in the past few days, which indicates a possible reversal in the coming weeks," he added.
Bitcoin mining is raising concerns about its negative impact on the environment. According to the Cambridge Bitcoin Electricity Consumption Index, the industry consumes more electricity than the Netherlands and slightly less electricity than the United Arab Emirates.
“I know these things are super volatile, like some days they can go down 80%,” Humphrey Yang, the personal finance expert behind Humphrey Talks, previously told NextAdvisor. “But if you believe in the long-term potential of [Bitcoin], just don’t check on it. That’s the best thing you can do.”