Major cryptocurrencies fell on Friday morning after a volatile week amid growing concerns about the impact of bitcoin on the environment.
Bitcoin (BTC-USD) is down 0.4%, still struggling to cross the $50,000 mark (£36,237). It is trading at $47,900 at the time of writing. Many supporters on Twitter hope to reach $100,000 by the end of the year.
Ethereum (ETH-USD), the second largest cryptocurrency by market capitalization, fell 2.6% to trade at $3,524.
Over the past month, Bitcoin has made a brief foray at over $50,000, but that has proven to be short-lived, with the cryptocurrency not getting the boost that some may have accepted after El Salvador officially started accepting it as legal tender last week.
The argument was rocky, marred by technical difficulties and protests from concerned citizens.
However, since then, the situation has stabilized. Reports indicate that the Chivo government digital wallet, which is essential for transactions, has been resolved issues, and more than half a million people are using this wallet.
But Bitcoin is still not able to gain momentum.
The amount of bitcoin held on exchanges like Coinbase (COIN) and Binance has fallen below what it was in November last year, and bitcoin exchange reserves have reportedly reached multi-year lows this week.
Meanwhile, an analysis by economists from the Dutch Central Bank and the Massachusetts Institute of Technology shows that a single Bitcoin transaction generates the same amount of electronic waste as the disposal of two iPhones.
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“We estimate that the entire bitcoin network currently recycles through 30.7 metric tons of equipment per year. This number is comparable to the amount of small IT and telecommunications equipment waste produced by a country like the Netherlands,” according to the paper published in Resources, Conservation and Recycling.
On the positive side, business intelligence software company Microstrategy (MSTR) announced that it has bought another 5,000 bitcoins, bringing its total to 100,000.
According to Bitcoin.com, crypto proponents “still believe there is a significant second-stage rally this year” and cited a Twitter poll that showed 123,410 people believe Bitcoin will reach $100,000 by the end of the year.
Watch: What is Bitcoin?
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