During the pandemic, the value of cryptocurrency was sky high, and it is still extremely high; however, the demand and the level of crypto mining have certainly gone down compared to previous times.
According to recent sources, the recent value of Bitcoin has been pushed down below $30,000 for the first time in about a month.
It’s the biggest digital coin, and it fell 3.6% to $29,667 as of 7 a.m. in New York. Many believe that such a huge decline could very well rattle the cryptocurrency market and even exacerbate a wider flight from risk assets such as stocks.
“We’re going to need to form another base first before resuming another bull trend. We are going to be ranging between $20,000 and $40,000 for the rest of the year.”
“Investors who are allocating to crypto know that volatility is going to be part of it.”
Th3re have been many issues in crypto mining as of late. Since the mining process requires a tremendous amount of electricity, many countries are cracking down on mining farms.
We have seen China’s recent and vigorous crackdown on most of the country’s crypto farms. As a result, many of the miners were forced to sell off their CPUs in China’s black market.