Just when the entire cryptocurrency thought things were going as normal, the situation has again turned bad for the cryptocurrency industry. It has been more than a month since the cryptocurrency industry has been experiencing a downfall.
Although the situation in terms of crypto prices and valuation changes for a day or two in a week, it reverts to being bearish for the rest of the week.
Despite having a positive and green start at the beginning of the running week, the cryptocurrency industry is again experiencing a price downfall. Back in April 2021, only the market capitalization of Bitcoin (BTC) had reached the $1.2 trillion mark. Now, the market capitalization of the entire cryptocurrency industry is $1.5 trillion.
This goes to show that the cryptocurrency industry has turned bearish entirely and is currently struggling to keep its head high in the water. Although many are hoping that the cryptocurrency industry will soon bounce but by the time it happens, millions of people would be broke.
While institutional investors are not concerned about the current trend as they are used to holding crypto for the long term. It is the individual and small-time investors whose only source of income was cryptocurrency investments.
The current situation is the worst thing that could happen to them and they are currently struggling to keep going with the flow. They are trying hard to survive and hoping that the situation would soon pick up.
Out of all the cryptocurrencies, the only cryptocurrency that has the potential to drive the entire cryptocurrency industry is Bitcoin (BTC). Time after time, Bitcoin (BTC) has demonstrated its ability to drive the entire cryptocurrency industry.
At present, Bitcoin (BTC) is facing a hard time due to environmental concerns. The entire cryptocurrency mining sector is being heavily criticized for impacting the global environment. Many institutional investors are blaming the cryptocurrency mining sector for increased carbon emissions in the past couple of years.
Compared to the rest, mining Bitcoin (BTC) is the most expensive process as it now requires massive mining farms. These farms consume a tremendous amount of energy in order to mine Bitcoin (BTC) and most of the countries are using coal and fuel to generate enough energy for mining.
Therefore, the Bitcoin (BTC) mined through such sources has been labeled “blood bitcoin” and major investors have boycotted it.
Fortunately, cryptocurrency mining firms, as well as countries, have started adopting environmentally friendly sources of energy to mine Bitcoin (BTC) and other crypto. This would eventually help Bitcoin (BTC) get back into the game and it will eventually continue surprising investors with price surges.
Many major investors such as JPMorgan & MicroStrategy have complete confidence that Bitcoin (BTC) will soon pick up and surprise the entire world. They are sticking with their prediction about BTC hitting $146k per BTC market by the end of 2021.
When that happens, the entire cryptocurrency industry will pick up as investors will gain confidence in the industry again.