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Why Bitcoin, Ethereum, and Other Cryptocurrencies Are Tumbling

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2022 hasn’t given crypto enthusiasts much to smile at as Bitcoin, Ethereum, Cardano and Dogecoin, and other major cryptocurrencies are deeply in red. 

Bitcoin, which hit an all-time high of over $68,000 last November, traded below $43,000 as of early trading Thursday. Similarly, ethereum, which peaked at over $4800 last November, is trading below $3400. 

Elon Musk's favorite digital coin, dogecoin, has been going through a similar phase. The virtual currency whose price hit as high as over 74 cents last May, is now trading around 15 cents.

Related: Betting It All on Dogecoin - Meet Crypto's Newest Millionaire

The crypto sell-off began after the Federal Reserve released its minutes from its December meeting on Wednesday. The Fed hinted it could cut back its support for the economy and also raise interest rates soon.

In another crypto news, Kosovo banned cryptocurrency mining amid an ongoing energy crisis in the nation. 

"These obligations are intended to address any sudden or long-term shortage of energy-producing capacity, transmission capacity, or distribution of energy in order to overcome the energy crisis without aggravating the city further the golds of the Republic of Kosovo," said Kosovo's Economy Minister Artane Rizvanolli, on a Facebook post on Tuesday.

The crypto mining industry came under fire last year when it was revealed that bitcoin mining alone consumed more electricity than the nation of Argentina as a whole. Following the study, Tesla  (TSLA) - Get Free Report stopped accepting bitcoin.

Related: Musk Tweets Tesla Won’t Take Bitcoin Anymore

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