Bitcoin, cryptocurrencies rebound amid volatile week of trading
The prices of Bitcoin and Ethereum have rebounded following a roller-coaster week for cryptocurrencies.
As of Thursday morning, the prices of the most popular cryptocurrencies were up slightly over the past hour, according to crypto market data site CoinGecko.
Bitcoin and Ethereum have endured a brutal stretch where prices of the digital coins plunged. Over the past 7 days, Bitcoin and Ethereum plunged 16.1% and 26% respectively, says CoinGecko.
On Wednesday, a statement posted on the Chinese Banking Association’s website said financial institutions should “resolutely refrain” from providing services using digital currencies because of their volatility.
(Photo: Getty Images)
Meanwhile, last week, Tesla CEO Elon Musk said his company would stop accepting Bitcoin over concerns with the currency’s environmental impact.
“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said on Twitter.
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Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
The Associated Press contributed to this report. Follow Brett Molina on Twitter: @brettmolina23.
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