The bitcoin rate collapsed by another 11% due to the call of the Chinese authorities for increased regulation of the cryptocurrency. Business Insider writes about it. The country’s government believes it is necessary to limit mining and trading in the world’s largest digital currency. At the time of this writing, the value of the currency began to recover.

The cryptocurrency began recovering yesterday after a massive 35 percent drop. It managed to gain only a few percent in price, as Chinese Deputy Prime Minister Liu He and the State Council said that it is necessary to “fight Bitcoin mining and trading to prevent the emergence of individual risks in the social environment.”

Also, perhaps this is due to China’s desire to become a greener country. The authorities plan to achieve carbon neutrality by 2060, which means mining is contrary to their new policy. Recall that the mining of cryptocurrency has broken all records in energy consumption among individual industries, and this requires more and more new fossil resources. At the same time, it is not yet clear how the government controls this, because according to analysts, about 75% of bitcoins are mined in China.

Recall that the peak Bitcoin price of $ 63,5 thousand was recorded in April 2021. Since then, its price has fallen by 42,3%, dropping to $ 36,6 thousand.Among the fall, cryptocurrency billionaires have lost about $ 15,5 billion.