BITCOIN is the world's most popular cryptocurrency, but it has recently suffered losses following a series of Tweets by Tesla CEO Elon Musk. But now that BTC is surging, will it reach $60K?
Bitcoin has been in turmoil for weeks, plunging under $31,000 earlier this month after Tesla CEO Elon Musk criticized the company's energy use. BTC is again recovering, though it is still far from its April 14 high of $64,829.14 (£45,918.16).
Bitcoin was trading at $38,822.13 (£27,497.52) at the time of writing, up 1.85 percent in 24 hours.
BTC's market capitalization was $726.69 billion (£514.71 billion), with a 24-hour high of $40,894.44 (£28,965.33).
Following Sunday's drop to $30K, these data show a stunning rebound.
Cryptocurrencies are a type of digital currency. In the last 24 hours, Cardano, Ethereum, and Dogecoin have all witnessed gains.
Cardano is currently trading at $1.73 (£1.23), up 24 percent from its previous high.
Meanwhile, Ethereum has risen 6.52 percent in 24 hours to $2,741.39 (£1,941.71).
And dogecoin is up 0.98 percent to $0.343607 (£0.24).
So, what does bitcoin's future hold? Is it likely to reach $60,000 (£42,500)?
Will Bitcoin ever reach $60,000?
According to one researcher, the all-time high of $64.8K may be within reach because Bitcoin is still in a bull market.
PlanB, a market expert, tweeted a graph depicting the rise of Bitcoin, stating, "IMO $60K was not the top, up & onward."
Others, though, are concerned about bitcoin's environmental impact, as a result of Mr Musk's recent statements.
Bitcoin is powered by miners, who process and verify transactions with an estimated one million computers.
This level of mining consumes a lot of energy and has a significant carbon impact for Bitcoin.
“Bitcoin alone consumes as much electricity as a medium-sized European country,” Trinity College Dublin's Professor Brian Lucey told the Financial Times.
Since Mr. Musk's denunciation of bitcoin and withdrawal of its use by Tesla, pledges have been made to reduce the amount of energy used by miners.
“Spoke with North American bitcoin miners,” Tesla CEO Elon Musk wrote on Monday.
"They agreed to publish present and planned renewable energy usage, and they asked miners WW to do the same." “Possibly promising.”
And China, which uses 65 percent of the world's electricity for crypto mining, is starting to cut back.
Vice-Premier Liu Xiaobo of China He stated that the Government will crack down on bitcoin mining and trade, which has caused the price of bitcoin to drop recently.
Because there is still work to be done to reduce bitcoin's carbon footprint, investors may witness further dips like the one seen this weekend.
Investing in any cryptocurrency carries risk, as the market is volatile and can result in both gains and losses.
Consumers should be aware of the following risks, according to the European Banking Authority (EBA):
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