Baxia Markets
July 10, 2021

Bitcoin sell-off continues, the price may drop further

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Bitcoin has been on a wild ride for the most part of 2021. After its April peak of nearly $65000, the world’s largest cryptocurrency took a dramatic turn. Elon Musk’s tweet triggered multiple sell-offs. On top of that, the concern about the environmental impact and increasing government regulations have kept people’s expectations for Bitcoin low ever since its big price drop.





After China’s big crackdown on Bitcoin mining, the coin mine is easier than ever to profit. However, news has been popping up about the strain Bitcoin mining have added to the electric grid and surrounding environment, with residents near a New York lake reporting a significant portion of the lake was heated up due to generators running over-time to supply for the mining rig, Texas electric grid worrying about being overloaded during the summer heat, and so on. Europe, Africa, and the US are all actively figuring out a specific plan to regulate cryptocurrency at the time, with US Senate Elizabeth Warren putting a deadline at the end of the month.


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