Bitcoin down more than 5% in 24 hours, Ethereum loses $4,000 levels

RIYADH: The cryptocurrency market is witnessing sharp declines in the past few hours, CNBC Arabia reported.

Bitcoin, the world’s largest cryptocurrency, fell by more than 5 per cent in the past 24 hours to trade near levels of $57,000, its lowest level since Oct. 13.

The Ethereum currency also fell by about 7 per cent during the same period, losing value of around $4,000.

Ripple witnessed losses of more than $5 to trade near $1.04 levels, and Dogecoin also fell by 7 per cent to trade near $0.22 levels. Reasons behind those declines are unclear, CNBC said.

China’s National Development and Reform Commission (NDRC) said during a press conference on Tuesday, it will continue to phase out cryptocurrency mining in the country.

Mining causes significant energy consumption and carbon emission, and has no active influence to lead industry development or scientific progress, NDRC spokeswoman Men Wei said.

Wei said that the Commission will focus on state-owned companies involved in cryptocurrency mining.

NDRC is considering imposing punitive electricity prices on those who engage in crypto-mining activities but pay a price for residential electricity, Wei added.

In America, the US Securities and Exchange Commission last week rejected VanEck’s request to create a fund to trade on the spot prices of Bitcoin.

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