Bitcoin Falls More Than 3% to Hover at $29,000 – New York Senate Proposes Bill to Ban Bitcoin Mining in an Effort to Mitigate Environmental Concerns

This morning (June 4), the Bitcoin price fell 3.01% to $29,658.66 in Asia.

Bitcoin’s negative performance came after the Dow Jones Industrial Average fell 348 points on Friday. Meanwhile, Elon Musk expressed a bad premonition about the economy, fearing that the Fed will accelerate interest rates leading to a recession. And in the U.S., unexpectedly high non-farm payroll numbers were released.

  • The Dow Jones Industrial Average closed on Friday (June 3), down 348.58 points, or 1.1%, to close at 32,899.70.
  • The S&P 500 fell 1.6% to 4,108.54.
  • The Nasdaq fell almost 2.5% to close at 12,012.73 points.

Movements in the Crypto Space

New York Senate passes a bill to ban Bitcoin mining to reduce environmental problems.

New York state senators voted 36-27 in favor of the bill, which now goes to New York’s governor. If the bill is approved, New York will be the first U.S. state to introduce its rules banning Bitcoin mining.

The bill targets the mining of certain cryptocurrencies that use proof-of-work, which is said to have high energy consumption. This includes several popular cryptocurrencies, including Bitcoin.

However, existing crypto-mining companies or those in the process of renewing their licenses will be allowed to continue operating.

The Spot Market is Open

Saturday, June 4, 2022

Crypto
Updated at
USD
Price

Change

%Change
10.30 BTC29,582.44-96.01-0.32
10.30 ETH1,755.60-7.45-0.42
10.30 LTC61.73-0.66-1.06
10.30 BNB296.74-0.07-0.02
10.30 XRP0.39-0.01-1.55
10.30 ADA0.560.00-0.04
10.30 DOT9.24-0.07-0.70
10.30 DOGE0.080.00-1.26
10.30 UNI4.98-0.05-0.96
10.30 LINK6.77-0.02-0.24

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