- NYSE:SOS fell by 5.80% during Tuesday’s trading session.
- Bitcoin mining is becoming more efficient with the use of sustainable energy.
- Bitcoin’s adoption in El Salvador seems to be a consensus failure.
NYSE:SOS fell below $0.40 for the first time since becoming a publicly traded company, as the broader market sell off sent the stock to a new all-time low. On Tuesday, shares of SOS dropped by 5.80% and closed the trading session at $0.39. The nightmare year continued for US markets, as concerns over disappointing big tech earnings this week led to investors hitting the sell button early. All three major indices tumbled yet again as the Dow Jones sank by 809 basis points, the S&P 500 lost 2.81%, and the NASDAQ hit a new low in 2022 after falling by 3.95% during the session.
The Bitcoin Mining Council released a report on Tuesday that stated that Proof of Work mining is becoming more energy efficient. The report cited a 59% year over year rise in the use of sustainable energy sources for mining. Proof of Work energy usage has been a hot topic and is one of the driving factors of the State of New York currently seeking a bill that would ban Proof of Work mining. The price of Bitcoin plummeted alongside the equities market on Tuesday, and was down by more than 5.1% during afternoon trading.
SOS stock forecast
Last year when El Salvador adopted Bitcoin as a legal tender to help boost its struggling economy, many in the crypto and financial industries took notice. Now, a recent survey from the US Bureau of Economic Research shows that only 20% of companies accept Bitcoin, with only 5% of all sales being made in Bitcoin. It appears that citizens in El Salvador still prefer cash and that many do not understand or trust the Bitcoin system itself.