Baxia Markets
July 07, 2021

Bitcoin Stabilizes

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After China’s big crackdown, Bitcoin price is hovering around half of its all-time high in mid-April at $34,000 level at the time this article is being written. Today’s market view remains mixed, with some people expecting a big crash while others think Bitcoin will soon get back on its feet and re-surge to its former glory. 





In the meantime, Elon Musk is still toying with cryptocurrency with his memes, tweeting the famous American business magnate Warren Buffett with a quote underneath reading “Find as many coins as you can. And fast!”. The statement is likely to be made up, and Elon soon deleted the tweet, but his behavior left people baffled. Bitcoin mining is easier now after China closes its mining farms, but environmental concerns are still lurking around. A gas-fired power plant supporting a Bitcoin mining operation in upstate New York has divided local residents over the environmental toll of the energy-intensive process versus the economic benefits the business brings to town. The debates around Bitcoin are still ongoing, but right now the price seems to be stable.


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