Bitcoin price around $38,000 after 5% decline
Month-to-date, Bitcoin is down more than 16% and off more than 17% year-to-date
Forkast Editor in Chief and Founder Angie Lau on how the China lockdowns have impacted cryptocurrency markets and the supply chain.
Bitcoin was attempting a comeback Wednesday morning after dropping around 5% on Tuesday.
The cryptocurrency was down for four of the past six days.
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Month-to-date, Bitcoin is down more than 16% and off more than 17% year-to-date.
Ether, the coin linked to the ethereum blockchain network, also dipped more than 5% heading into Wednesday.
Dogecoin continued its rise following news that Tesla CEO Elon Musk was buying Twitter.
The New York Assembly passed a bill to block new crypto mining facilities using non-renewable energy sources from setting up shop in the state, according to CoinDesk.
The bill, sponsored by Democrat Anna Kelles, imposes a two-year moratorium on new crypto mining firms that use a carbon-based energy source. The state's Senate is also working on a bill.
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Advocates of the bill noted that existing facilities would remain unaffected by the bill, as would any facilities that tap renewable resources.
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The bill pertains to new applications and renewals if an applicant wants to increase its facility.