Hassan Maishera
BTC Dips Below $60k
Bitcoin, the world's leading cryptocurrency, has lost more than 10% of its value over the past 24 hours as Chinese authorities attack Bitcoin mining again. The National Development and Reform Commission spokesperson Meng Wei attacked Bitcoin mining during a press conference earlier today.
Meng revealed that the NDRC, the country's top economic planner, is set to launch a full-scale clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry. She added that cryptocurrency production and their trading posed prominent risks and blasted the crypto sector as blind and disorderly.
The commission said it would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining. Chinese authorities have traditionally offered schools, community centers, or other public welfare institutions lower prices for electricity.
China has clamped down on cryptocurrency mining in recent months, with various provinces banning Bitcoin and other crypto mining activities. This has led Chinese miners to migrate to other parts of the world, especially North America.
China's latest attack on Bitcoin led to the cryptocurrency's price dropping below the $60k level for the first time in weeks. At press time, Bitcoin is trading just above the $59k level, down by more than 10% over the past 24 hours.
Bitcoin is down by more than 12% from the all-time high of $69k it achieved last week. The latest bearish market has affected other cryptocurrencies, with some of the leading altcoins losing more than 10% of their values over the past 24 hours.
Ether is trading below the $4,300 mark after losing 9.6% of its value since yesterday. Binance Coin, Solana, Cardano, XRP and other leading altcoins are all trading in the red zone as the market retraces from last week's rally.
