The price of Bitcoin has spiraled again after it fell almost 50 per cent of its all time high on Sunday, May 23, 2021.
The fall followed China’s announcing another crackdown on crypto mining though more positive news in the space has helped to boost the market. More currencies involving Ethereum, ether, Cardano, ada. and dogecoin rallied by 10 to 25 per cent overnight and were trending upwards on Tuesday morning with bitcoin finally looking to return to above $40,000.
The market rebound at the start pf the week has been partly assisted by comments from Elon Musk, Tesla CEO, that he has been in talks with bitcoin miners about renewable energy solutions, as well as news that hedge fund billionaire Ray Dalio has invested in bitcoin. Musk who withdrew support for cryptocurrency payments earlier this month, caused a stir within crypto world by revealing that he is in discussions with bitcoin miners in an effort to address climate concerns within the industry
A number of prominent analyst remain oprimistic about bitcoin;s prospects, with some speculating that the bull market is “just warming up.” The Independent.
