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Bitcoin Mining Isn t Nearly as Bad for the Environment as It Used to Be, New Data Shows
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JOIN US JULY 15: Crypto experts from Ark Invest and more share their industry outlooks and the biggest opportunities they re pursuing
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Crypto Webinar: Analysts Share Their Outlooks, Investing Opportunities
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Bitcoin plunged as much as 30% to about $30,000, according to Coin Metrics. Ether dropped more than 40% in less than 24 hours, breaking below $2,000 at one point. Both gained back substantial ground by the end of the day.
But this is par for the course in the world of trading cryptocurrencies. Huge run-ups and equally drastic falls. Over and over. Massive retracements are always scary, but seasoned investors tend to see them as buying opportunities, said Mati Greenspan, portfolio manager and founder of Quantum Economics.
Both crypto and market experts tell CNBC that this is the new normal of investing, and traders should just get used to it.
Last modified on Sat 27 Feb 2021 03.03 EST
It’s not just the value of bitcoin that has soared in the last year – so has the huge amount of energy it consumes.
The cryptocurrency’s value has dipped recently after passing a high of $50,000 but the energy used to create it has continued to soar during its epic rise, climbing to the equivalent to the annual carbon footprint of Argentina, according to Cambridge Bitcoin Electricity Consumption Index, a tool from researchers at Cambridge University that measures the currency’s energy use.
Recent interest from major Wall Street institutions like JPMorgan and Goldman Sachs probably culminated in the currency’s rise in value and an endorsement by Tesla’s Elon Musk helped drive its recent high as investors bet the cryptocurrency will become more widely embraced in the near future.