“Without any strong catalyst, breaking above $60k looks difficult at this time, and a break below $50k may drive Bitcoin down to $30k.’ Howbeit the question remains if Bitcoin is in a bear market? Market analyst, Michael van de Poppe tweeted ”Bitcoin is not in a bear market”.
According to a Twitter user, Bitcoin archive noted that ”A bill introduced in the New York State Senate is seeking to halt Bitcoin mining for 3 years to assess its impact on the environment.”
According to markets insider, the bill is seeking to halt Bitcoin mining for three years until the state has assessed its impact on the environment. Senator Kevin Parker of New York introduced Senate Bill 6486 to the State Senate’s Environmental Conservation Committee on Monday, according to The Block.
The bill will specifically look into the greenhouse gas emissions caused by Bitcoin mining, including its effects on water, air, and wildlife. The assessment will produce a report, which will then be issued to the public and will be subject to a 120-day public comment period.