Bitcoin’s value has dropped significantly in recent weeks, with a price of just $35,000 per coin at the time this is being written, down from an all-time high of $63,000 just a few months ago. This collapse has taken place in part as a turnaround against the sudden rise at the end of last year.
Elon Musk, the man responsible for shifting markets, also tweeted multiple times about the environmental concerns of Bitcoin and the fact that Tesla would stop accepting Bitcoin as a payment. This led to a sharp drop in Bitcoin’s price.
In addition, many governments around the world have started to examine Bitcoin, and government regulation on the cryptocurrency could have considerable consequences. China has already banned banks and financial institutions from supporting Bitcoin, and it is entirely possible that other countries may follow.