Why Bank of America is worried about the rising Bitcoin
The Bitcoin (CRYPTO: BTC) price is down 1.3% over the past 24 hours. One Bitcoin is currently worth US$54,203 (AU$70,400). At that price, the world’s largest crypto has a market cap of US$1.01 trillion, according to data from CoinDesk.
Bitcoin is now down 12% from its record US$61,557, which it reached less than 2 weeks ago on 14 March. However, the digital token is still up more than 85% in 2021. And it’s up more than 700% over the past 12 months.
You may have heard that the currency uses a good bit of energy. That’s because the Bitcoin miners, those companies using vast arrays of computers to verify transactions and “mine” new Bitcoins, obviously need to plug into a power source.