By now, the entire cryptocurrency as well as the investment community is aware of the situation Bitcoin had to go through in the past few months. The digital currency that was hailed as the largest and most profiting until the first half of April 2021, end up going the other direction.
Bitcoin ended up facing a downfall starting the second half of April, and until the end of July, Bitcoin continued with its low-run. Throughout this time, Bitcoin continued facing a lot of loss in terms of its market capitalization, demand, investment, and most importantly, investors’ sentiment.
When Bitcoin faced its demise in the second half of 2021, everyone thought it was just another bump that Bitcoin is used to facing every now and then.
Unfortunately, the situation had just started worsening, as the real patience and faith of enthusiastic Bitcoin investors was to be tested in the upcoming months. Until the first half of April, Bitcoin’s price was at $64.7k per BTC, which was its all-time high since the advent.
However, Bitcoin experienced a swift drop in its price right from the second half of April. The price of Bitcoin plunged all the way down to $52k per BTC, which went down to $48k per BTC by the end of the month. Just when the Bitcoin community thought things were going to come back to normal, China came up with its own plan.
Starting May of 2021, the Chinese regulatory authorities came up with their crackdown streaks on the Bitcoin mining farms in the country. This led to Bitcoin experiencing an even further demise, bringing its value down to $38k per BTC.
This run went on for more than a month and until then, China managed to shut down all the mining farms for Bitcoin as well as altcoins. This dealt another low blow to the Bitcoin industry and its prices kept taking the hit until it reached an alarming point of $28k per BTC.
By this time, Bitcoin had lost a lot and it seemed it was going to stay that way. However, the Bitcoin mining community and other things were in the making. Another major concern for Bitcoin was its source of origination, which was mainly high carbon-emitting sources.
Until the start of July, the Bitcoin mining firms, relocated to other parts of the world initiating their mining operations. On the other hand, the Chinese crackdown on local mining farms brought down the high carbon emission down to almost zero for Bitcoin.
Since then, Bitcoin started making a comeback and as of today, Bitcoin has crossed the $50k per BTC barrier again for the first time since May of 2021. In the last 7-days, Bitcoin has observed around a 5% rise in its prices. At the time of writing, the price of Bitcoin is hovering around $50.2k per BTC.