Bitcoin is feeling the pressure from bears as it trades below the $40,000 mark for a brief time today. At one point it was priced at 39,827.70, it’s now trading 41,587.10 at the time of writing.
Bitcoin is not the only cryptocurrency that is coming under pressure, the entire industry has been encapsulated by a feeling of pessimism from retail investors.
Ethereum is trading at $3,065.40 which is a far cry from when it broke the $4000 mark less than a month ago. It will be an interesting year for cryptocurrencies as countries are clamping down on crypto mining which is deemed to be energy-intensive. Recently we have seen Kazakhstan and Kosovo are feeling the heat because of this.
Despite the negativity, industry participants are still bullish on the industry and companies are slowly integrating some of the architecture within their programs.
For example, news broke recently that PayPal is considering its own stablecoin. It remains to be seen what will come of this if it will ever leave the ideation or prototype stage.
