Bitcoin Plunges to $60,542 after Hitting an All-time High $68,990

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Volcano-Powered Bitcoin Mining
Volcano-Powered Bitcoin Mining

Bitcoin and several other cryptos plunged on Tuesday after standing near-record highs.

The largest cryptocurrency in market value plummeted to $60,000. Bitcoin recovered to around $60,542, a 5% decrease in 24 hours, according to data by Coin Metrics. On the other hand, Ether, fell 6% to $4,229.

The reason behind the plunge is still unclear.

China’s state planner, the National Development and Reform Commission (NDRC), said during a press conference Tuesday that it will continue to eradicate crypto-mining in China.

The Asian country is leading a major crackdown on Bitcoin and cryptocurrencies. Earlier this year, China banned all digital tokens, crypto mining, ICOs, and everything related to decentralized finance. Beijing argued that the energy consumption that mining causes is a great concern.

Mining “causes large energy consumption and carbon emission. It has no active impact to lead industry development or scientific progress,” NDRC spokesperson Meng Wei said on Tuesday, according to a CNBC translation of her Mandarin comments.