The correction was all across the board as cryptocurrencies like Solana, Binance Coin, and Cardano all suffered losses.
Virtual mining “causes large energy consumption and carbon emission.
“In a sign of how different asset classes can be, while I’ve just referred to a 5% gain in gold over a couple of weeks as being very strong, today’s 5% decline in bitcoin is anything but extraordinary.
“The cryptocurrency has quickly seen support around $58,500 after breaking below $60,000, where it also rebounded off just a few weeks ago,” Erlam said.
“A break of this level may point to a deeper downturn, with attention perhaps shifting back towards the $50,000 region, but as ever with bitcoin, that is never clear.