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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Bitcoin»Bitcoin falls more than 4% to near $60,000 as major cryptocurrencies plunge
    Bitcoin

    Bitcoin falls more than 4% to near $60,000 as major cryptocurrencies plunge

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    By Tapiwa Matthew Mutisi on November 16, 2021 Bitcoin, Blockchain, Business, Cryptocurrency, Digital currrency, News

    Bitcoin, the world’s biggest and best-known cryptocurrency, retreated from near-record highs, falling by more than 4% on Tuesday as it extended a decline through a week that also included an upgrade to its blockchain. Second-ranked Ethereum also touched one of its lowest levels this month, sliding as much as 6.8%. The global crypto market cap has dropped some 7% in the past 24 hours to $2.8 trillion, according to tracker CoinGecko.

    The impetus behind the price movement was not clear. China’s state planner, the National Development and Reform Commission (NDRC), said during a press conference Tuesday that it will continue to clean up virtual currency mining in the country.

    Earlier this year, China cracked down on bitcoin mining leading to an exodus of miners. Mining is the energy-intensive process which both creates new coins and maintains a log of all transactions of existing digital tokens. Beijing is concerned about the amount of energy being used by mining.

    NDRC spokesperson Meng Wei said on Tuesday: 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 said last year that China aims to achieve carbon neutrality by the year 2060. The NDRC said it will focus on state-owned companies involved in cryptocurrency mining. It also said it is considering imposing “punitive electricity prices” against those participating in cryptocurrency mining activities but paying a residential electricity price.

    China’s authorities have been focusing on wiping out bitcoin mining since earlier this year. Negative crypto-related comments from Chinese authorities have often led to a sell-off in digital coins, even if those comments are not overly new.

    The retreat in cryptocurrency prices also comes as many of them hit all-time highs in November. Bitcoin reached a record high of $68,990.90 on Nov. 10 with ether following suit on Nov. 11. “I think we’re seeing a healthy pullback after a 7 week rally from 40K to 69K, which is normal in an upward trend,” Vijay Ayyar, head of Asia Pacific at cryptocurrency exchange Luno commented.

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    Bitcoin Bitcoin mining Blockchain Tech China CoinGecko cryptocurrencies Digital currency Ethereum NDRC
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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    3 Comments

    1. Pingback: Bitcoin and other cryptocurrency prices sag - Innovation Village | Technology, Product Reviews, Business

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    3. Pingback: Bitcoin price tumbles by 17% - Innovation Village | Technology, Product Reviews, Business

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