The stock panic has also hit cryptocurrency hard
If you are not in it yourself you may not have got it, but the stock markets are in turmoil. Everything is red and not economical: yesterday, FAANG (Facebook, Apple, Amazon, Netflix and Google) fell by about five percent, but that was only the beginning of the misery. In the meantime, the second minced day is already underway and so the loss continues.
That’s bad news for investors, but who cares right? But it also becomes dire when you have money in cryptocurrency because they went down even harder than the shares. Bitcoin fell hard down in the night from Wednesday to Thursday and got stuck at that lower point. The price drop was comparable to the stock markets and is therefore relatively not the same, because other cryptocurals such as Etherium and XRP have dropped by more than ten percent.
Costs more than it yields
It is yet another blow to cryptocurrency, which is shifting further and further downwards as a useful investment. Not surprising, because according to analysts, in the case of Bitcoin, has become so expensive in electricity costs to mine new coins that the proceeds no longer justify this. It also immediately shows how crazy the electricity costs are if a yield of still more than 6000 euros per Bitcoin makes mines as good as unprofitable.
Investors enjoy a manageable return and that is less and less the case with cryptocurrencies. There is still plenty of picking, darkening and the costs to keep the whole system up and running are steadily increasing every day. With the upcoming end of the planet in sight, it might be a matter of time to see if we might not be able to spend all that energy more useful.