The crypto market continues to see ongoing losses, shedding $70 billion from its market value in just a single day. This was driven by Bitcoin’s price drop. The fresh downtrend came after the US House Committee on Energy and Commerce expressed deep concern that proof-of-work (PoW) mining could increase demand for fossil fuels. As such, lawmakers asked the crypto mining companies to provide information on energy consumption and average costs.
Bitcoin lost 7.11% of its value in the last 24 hours. It’s down by 14.15% in the past seven days and is currently trading at $21,191. Ethereum is changing hands at $1,640. The second most popular cryptocurrency is down by 9.76% in the last 24 hours and lost 17.67% of its value in the past seven days. The altcoins have also dipped. Cardano is the biggest loser. It’s down by 7.17%, followed by XRP at 5.57% and Polkadot at 5.45%.
The current market slump is challenging for investors because of the huge losses that the market continues to face. Investments have been affected and there is growing fear in the market as well. It should be noted that the price correction in the last 24 hours has affected the recovery cycle. The Fear and Greed index, as per various reports, showed a score of 42. It reached its highest in four months reflecting difficulties. But recovery and losses or retracting is nothing new for the crypto market. In fact, it helps the market attain its actual potential.
