{"id":367859,"date":"2021-11-16T15:05:37","date_gmt":"2021-11-16T12:05:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-tanks-back-below-60000-as-cryptos-tumble\/"},"modified":"2021-11-16T15:05:37","modified_gmt":"2021-11-16T12:05:37","slug":"bitcoin-tanks-back-below-60000-as-cryptos-tumble","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-tanks-back-below-60000-as-cryptos-tumble\/","title":{"rendered":"#Bitcoin tanks back below $60,000 as cryptos tumble"},"content":{"rendered":"<p>&#8220;<strong>#Bitcoin tanks back below $60,000 as cryptos tumble<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Bitcoin and other major cryptocurrencies nosedived Tuesday morning after notching new all-time highs in recent days.<\/p>\n<p>Bitcoin, the world\u2019s largest cryptocurrency, fell back below the key $60,000 per coin level at one point Tuesday morning. It was last seen trading at $60,250 per coin, down more than 8 percent over the past 24 hours.<\/p>\n<p>The second-largest crypto, ether, was down almost 10 percent from a day earlier, trading at about $4,250 per coin. <\/p>\n<p>Binance coin, solana and cardano were all also down 8 percent, 7 percent and 9 percent, respectively. <\/p>\n<p>And the turn downward <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lied to nearly all cryptos, including smaller so-called altcoins.<\/p>\n<p>The overall value of the total crypto market fell almost 9 percent, or $233.4 billion, in just 24 hours, according to data from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinmarketcap.com\/\">CoinMarketCap<\/a>. <\/p>\n<p>The latest pare back came after China\u2019s state planner, the National Development and Reform Commission, said Tuesday that\u00a0it will continue to restrict and regulate cryptocurrency mining in the country.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"676\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/bitcoin-shares-fall-03.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A chart shows the falling price of Bitcoin.\" class=\"wp-image-20158707\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/bitcoin-shares-fall-03.jpg?quality=90&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/bitcoin-shares-fall-03.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/bitcoin-shares-fall-03.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>A chart shows the falling price of Bitcoin.<\/figcaption><\/figure>\n<p>Beijing and Communist Party officials already announced earlier this year a major crack down on bitcoin mining in China \u2014 which was then home to most miners \u2014 spurring a mass exodus.<\/p>\n<p>Crypto mining has stoked controversy in China and even across the US \u2014 including in New York state \u2014 because of how much power it uses, with some environmentalists arguing that the surge in demand for energy will have the industry turning to non-renewable sources of power that have long fallen out of favor.<\/p>\n<p>Crypto mining in China is still a major source of carbon emissions, NDRC spokesperson Meng Wei said Tuesday in Mandarin.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"667\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/bitcoin-shares-fall-08.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A Bitcoin ATM stands in a smoke shop on November 10, 2021 in Los Angeles, California.\" class=\"wp-image-20158716\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/bitcoin-shares-fall-08.jpg?quality=90&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/bitcoin-shares-fall-08.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/bitcoin-shares-fall-08.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>A Bitcoin ATM stands in a smoke shop on November 10, 2021 in Los Angeles, California.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Meng went on to describe the industry as \u201cblind and disorderly\u201d and said the NDRC \u2014 the nation\u2019s top economic planner \u2014 said it will crack down on state-owned companies that are involved in cryptocurrency mining.<\/p>\n<p>China will also begin imposing higher electricity prices on companies or actors involved in crypto mining who are tapping into residential supplies of electricity, Meng said.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>The announcement comes just days after China began to show some teeth behind its recent harsh words for the crypto sector. <\/p>\n<p>Over the weekend, China\u2019s Central Commission for Discipline Inspection \u2014 and with the approval of the Central Committee of the Communist Party of China, a high-ranking group in the party \u2014 expelled a powerful communist party member for letting cryptocurrency mining happen on his watch.<\/p>\n<p>The commission <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ccdi.gov.cn\/yaowen\/202111\/t20211113_254317.html\">announced <\/a>Saturday that Xiao Yi, a former vice chairman of the Jiangxi Provincial Political Consultative Conference, was s<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>ped of his post and expelled from public office.<\/p>\n<p>He allegedly accepted payments and gifts that could have influenced his policy decisions and knowingly allowed illegal crypto mining to happen, among other party violations.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Bitcoin, the world\u2019s largest cryptocurrency, fell back below the key $60,000 per coin level at one point Tuesday morning. It was last seen trading at $60,250 per coin, down more than&#8230;<\/p>\n","protected":false},"author":1,"featured_media":367860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/bitcoin-shares-fall-comp-1.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,119217,4973,76127],"class_list":["post-367859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-11-16-21","tag-china","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/367859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=367859"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/367859\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/367860"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=367859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=367859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=367859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}