Bitcoin slumped on Friday to its lowest this week, taking losses sparked by a growing crackdown in China and environmental concerns to almost 40% so far this month.
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Iran has banned the power-intensive mining of cryptocurrencies like bitcoin ahead of its peak electricity demand season, after soaring consumption contributed to blackouts in major cities.
As bitcoin attempts its latest price rebound after a 40% slump in three days, its long-term potential as an investable asset is becoming linked inextricably to its cost for the rest of society.
Cryptocurrencies fought to find a footing on Monday after even weekend cheerleading from Tesla boss Elon Musk seemed unable offset selling pressure from spooked investors.
Elon Musk is again tweeting about technology and cryptocurrencies, and this time he’s clear on where his support is at.
Iran has enlisted intelligence officers in the government’s latest effort to crack down on illegal cryptocurrency miners, as the nation’s power grid struggles to handle rising electricity consumption.
The cryptocurrency market nursed its wounds on Friday after a week of pain triggered by a Chinese regulatory warning shot, forced selling and a possible US tax clampdown.
Bitcoin and ether remained under pressure after a bruising US session that left much of the cryptocurrency community in shock.
Virtual currencies are retreating so broadly and sharply, it’s testing the durability of the cryptocurrency boom.
Bitcoin’s volatile week-long slide saw it tumble to below the $40 000 mark on Wednesday on news of further restrictions on cryptocurrency transactions in China.