But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
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.

More broadly, the U.S. has been slow to issue regulatory guidance for cryptocurrency businesses. The industry has generally appreciated regulators' care and caution to avoid hampering innovation or overregulating something so misunderstood, but the lack of clarity has also become restrictive for many looking to operate, develop, and grow their products and services. But Zhao appears to be undaunted by that.
The long term positive coherence relationship observed between online metrics and price may be the result of another factor which we hypothesise could be technical progress. As a project makes technical progress, it is likely to have a community form around it over time, increasing online activity and also demand, and hence price, of the particular cryptocurrency. An interesting avenue of future work would be to consider the coherence between price and technical progress (via looking at each projects source code repository—these are available as cryptocurrency projects are generally open-source).