Bitcoin's value hit record low under $30,000 as crackdown in china intensifies

Latest news on Bitcoin:

Witingsonthewall.site will provide you with the latest news on bitcoin rise and fall.

Bitcoin news update on 23 June 2021:

Bitcoin value: $34,320.50

As of today, bitcoin value has recovered at $34,000 as yesterday it saw a record decline this year. Bitcoin's vale went below $30,000 yesterday as it was lowest in 2021. But it has recovered well after getting a heavy dip and now it's trading above $30,000.

Bitcoin news update on 21 June 2021:

Bitcoin value: $32,904.88

Bitcoin got a low blow of 9% on Monday. Cryptocurrency market has become so much volatile in the recent weeks that graphs are coming up and down in the matter of hours. Bitcoins value is one moment up other moment down as China is expanding crackdown on bitcoin mining which is massively affecting values of investor in crypto currency.

Bitcoin fell as low as $32,288 that means its hitting lowest in last 12 days. These drops came and went but forecasting bitcoins value at this moment is one the most difficult task. 

Authorities in the southwest province of Sichuan on Friday ordered closure of crypto currency project. Republic of China's cabinet is determined to strike down bitcoin mining and trading as part of a series of measures to control financial risks.

Bitcoin news update on 8 June 2021:

Bitcoin’s price slipped again Tuesday after a brutal sell-off among digital currencies.

The reason for the move was unclear, however it may be related to concerns over security of the cryptocurrency after U.S. officials managed to recover most of the ransom paid to hackers that targeted Colonial Pipeline. Bitcoin fell below the $32,000 level late Tuesday morning. The world’s largest cryptocurrency then recovered slightly, trading at $32,854.99.

Smaller digital coins also slumped, with ether falling about 8% to $2,499.28 and XRP tanking over 7%.

Last week, thousands of bitcoin investors descended on Miami for an event billed as the biggest bitcoin event in history.

What is Colonial Pipeline??

The Colonial Pipeline is the largest pipeline system for refined oil products in the U.S. The pipeline - consisting of two tubes - is 5,500 miles (8,850 km) long and can carry 3 million barrels of fuel per day between Texas and New York.

It is operated by Colonial Pipeline Company, which is headquartered in Alpharetta, Georgia. The company was founded in 1961 and construction of the pipeline began in 1962. 

In 2021, the pipeline was the subject of a malware cyberattack that provoked a shutdown of their operations for five days, which led to temporary fuel shortages along the East Coast

This is the relation of Colonial pipeline ransom and bitcoin news. The ransom paid to hackers for the cyber attack on Pipeline was paid in bitcoin and that have a negative impact on the value of bitcoin as of today.

Read more below...

Every week we see Bitcoin news making headlines. But it's not a matter of your concern if you are not an crypto currency trader.

So, why Bitcoin news is so much in talks and why should you care? Seen by many as the future of finance, bitcoin could have a detrimental impact on the money you have in your pocket.

It's up for debate how much influence bitcoin will have in the near future but one thing is certain. Despite the volatile rises and falls in value, Bitcoin is something to get interested in.

Bitcoin crash

So What is Bitcoin??

Bitcoin is actually a virtual currency, that is not tied to a bank or government and allows users to spend money anonymously.

The bitcoins are created by users who "mine" them by lending computing power to verify other users’ transactions which use blockchain technology. They receive Bitcoins in exchange.

The bitcoins also can be bought and sold on exchanges with US dollars (the physical money we use every day in our bank accounts).

Some businesses take Bitcoin as payment, and a number of financial institutions allow bitcoin in their clients' portfolios, but overall mainstream acceptance is still limited.

While some comapnies and financial services are working with it, many others are staying away.

The cryptocurrency market has also been exposed to extreme volatility, with figures like Elon Musk using Twitter to influence the value of cryptocuurrency.

Musk announced in February that his electric car company Tesla had invested $1.5 billion (€1.2 billion) in Bitcoin. In March, Tesla began accepting Bitcoin as payment. Those actions contributed to the run-up in Bitcoin's price, and Musk also promoted the digital currency Dogecoin, which also spiked in value.

However, In just a short time, Musk said last week that Tesla is not accepting bitcoin anymore because of the potential environmental damage that can result from Bitcoin mining. The announcement sent Bitcoin falling below $50,000 (€42,000) and set the tone for the big pullback recently in most cryptocurrencies.

Bitcoin value in 2021:

Bitcoin was trading at near $30,000 at the start of this year 2021. Elon Musk announced in February that his electric car company Tesla had invested $1.5 billion (€1.2 billion) in Bitcoin. In March, Tesla began accepting Bitcoin as payment. Those actions contributed to the run-up in Bitcoin's price almost touching $65,000 in value as you can see in the above given graph.

But in recent days Elon Musk tweeted this 

After this tweet Bitcoin prices started dropping and its value fell below $32,000. This caused panic in the Bitcoin market.

But no need to worry guys Elon Musk has just tweeted this

" Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising." 

Thanks to Musk value of Bitcoin started to increase and now it is trading at near $40,000 again.

Is Bitcoin environmentally damaging?

A 2019 study by the Technical University of Munich and the Massachusetts Institute of Technology found that the Bitcoin network generates an amount of CO2 similar to a large western city or an entire developing country like Sri Lanka.

Cryptocurrency miners, including HashCow and BTC.TOP, have halted their China operations after Beijing intensified a crackdown on bitcoin mining and trading, hammering digital currencies amid heightened global regulatory scrutiny of them.

A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday as part of efforts to fend off financial risks and also carbon emission. It was the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70 per cent of the world's crypto supply.

But a University of Cambridge study last year estimated that on average, 39 per cent of "proof-of-work" crypto mining was powered by renewable energy, primarily hydroelectric energy.

Bottom line is Bitcoin value will keep going up and down. Cryptocurrency has future or maybe not. Let me know in the comment section about what do you think about it.