Bitcoin and Ether Plummet in Industry-Wide Crypto Rout

Bitcoin and Ether Plummet in Industry-Wide Crypto Rout

Bitcoin fell about 7% to $60,600 on Tuesday amid a bearish crypto market sentiment that saw Ether also plunge 8% to $4,310.

The cause of the drop in Bitcoin and ETH and most altcoins is reportedly unclear but could be partly attributed to a negative statement by China’s authority on digital assets.

The National Development and Reform Commission of China stated on Tuesday that its crackdown on crypto mining was still on.

NDRC’s Meng Wei says that the commission has no active digital currency industry development plan. He adds crypto mining contributed to carbon emission.

NDRC says it has shifted focus to government-owned firms involved in bitcoin mining and would impose punitive electricity prices.

Beijing began tightening bitcoin mining rules at the beginning of the year over high-energy consumption concerns. Bitcoin miners in China exited the country as a result.

Other cryptocurrencies like Solana and Cardano have plunged 7% and 5%, respectively, in the past 24 hours.

Source: CNBC

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