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Razaqzada said that “with confidence shaken, it looks like crypto investors are in need of some fresh catalyst to encourage them to step back in — perhaps something similar to Elon Musk’s influence.” Musk has essentially moved the market several times since February by tweeting that his automaker Tesla would, or would not, or would accept bitcoin as payment once the virtual currency gains greener credentials.
Bitcoin’s origins date from the 2008 economic crisis, when a nine-page paper called “Bitcoin: A Peer-to-Peer Electronic Cash System” was published by someone called Satoshi Nakamoto, whose real identity is still a mystery.
“Concerns mount over China’s ongoing clampdown and fears that widespread acceptance of bitcoin and other digital currencies will be delayed because of concerns about their environmental impact,” noted analyst Fawad Razaqzada at trading site ThinkMarkets.
Chinese mines power nearly 80 percent of global trade in cryptocurrencies despite a domestic trading ban since 2017, but several provinces have recently ordered mines to close as Beijing considers the industry with a critical eye.
– Bitcoin soared above $50,000 for the first time on February 16, 2021, after surging by almost 75 percent this year as heavyweight companies lend their support to the world’s most popular virtual currency.
(FILES) In this file photo taken on September 24, 2020 shows a physical imitation of a Bitcoin at a crypto currency “Bitcoin Change” shop, near Grand Bazaar, in Istanbul..
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