Bitcoin and Other Cryptocurrencies Drop Sharply From Record-Highs


Bitcoin and other cryptocurrencies dropped sharply on Tuesday from an almost high record.

Bitcoin fell to $60,000 during late morning trade, as per CoinDesk data. It recovered somewhat and was trading at close to $61,402.42, 6.7% down from 24 hours earlier.

Ethereum dropped almost 8% to $4,337.89.

The impetus behind the decline in price movement of cryptocurrencies was not clear.

The state planner of China, the National Development and Reform Commission (NDRC), stated that it will continue to clean up digital currency mining in the country.

Earlier this year, China cracked down on the mining of bitcoin which led to the migration of miners from China to the USA. Mining is the energy-driven process that creates new coins and also maintains a log of all transactions related to existing digital tokens.

Beijing is more concerned about the measure of the energy required for mining.

NDRC spokesperson Meng Wei said, “Mining causes large energy consumption and carbon emission. It has no active impact to lead industry development or scientific progress. Regulating cryptocurrency mining activities has significant meaning in optimizing our industrial structure, saving energy and cutting emission, achieving carbon emission and neutrality goals.”

Chinese President Xi Jinping expressed last year that China is aiming to achieve carbon neutrality till the year 2060.

Negative comments about cryptocurrencies from Chinese spokespersons often result in a decline in the prices of digital coins, even though those negative comments are not new.

No Comments Yet

Comments are closed


CIO Look is Global business authority platform where you can explore the perspective of Entrepreneurs, business owners, and innovators who drive business around the globe. CIOLook has unvaryingly been at the front line for its honesty and genuineness acquiring acknowledgment from Business pioneers universally. It features best business hones inferred by individuals, organizations, and industry divisions around the globe…. Read More

Follow us