Bitcoin fell in price late on Wednesday after Iran announced a temporary ban on bitcoin mining due to the strain it is causing on its electricity grid.
It is estimated that roughly 4 per cent of global mining now takes place in Iran, after a crackdown in China caused miners to seek other countries where energy is cheap.
A positive announcement from PayPal that it would introduce support for crypto transfers to third-party wallets helped bitcoin recover somewhat on Thursday morning, though it remains below the $40,000 mark that it finally returned above on Wednesday morning.
It is the final day of CoinDesk’s Consensus 2021 conference, which historically has been followed by a general uptick in the cryptocurrency market. NFL star Tom Brady, who recently changed his Twitter profile to include the bitcoin ‘laser eyes’, was announced as a surprise speaker. He is set to appear later today.
Ethereum (ether), Cardano (ada), dogecoin and other major cryptocurrencies are all down over the last 24 hours, though remain remarkably stable when looking at price charts on a week-on-week scale.
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