May 29th 2021
Bitcoin crashed from a record high of over $64,000 by approximately 50% and is trading between $36,000 - $39,000, but what were the factors behind the crash.
In this episode of Boom! It's on the Blockchain we discuss multiple reasons why this happening including;
*Chinese regulators announced that they were banning banks and payment firms from using cryptocurrencies.
*Tesla founder Elon Musk suspended plans to allow customers pay in bitcoin for his electric cars. Plus a number of confusing Elon Musk tweets to his millions of followers who is seen as a staunch supporter of cryptocurrencies.
* At current rates, such bitcoin "mining" devours about the same amount of energy annually as the Netherlands did in 2019, data from the University of Cambridge and the International Energy Agency shows.
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