Here's What Prompted Bitcoin (BTC) Price to Trade 5% Lower Today

Bitcoin (BTC) price is trading more than 4% lower in one of the biggest crypto-wide selloffs in recent weeks.

After dipping nearly 3% yesterday, BTC price has extended decline today to trade below the $59,000 mark at one point. Buyers have managed to recoup a portion of losses to push the price back above $60,000.

A move lower was accelerated after China’s National Development and Reform Commission (NDRC) said it would clean up digital currency mining.

Mining “causes large energy consumption and carbon emission. It has no active impact to lead industry development or scientific progress,” according to the NDRC.

“Regulating cryptocurrency mining activities has significant meaning in optimizing our industrial structure, saving energy and cutting emission, achieving carbon emission and neutrality goals.”

Ethereum (ETH) price is trading 5.5% lower on the day while the total crypto market cap sits at around $2.6 trillion.

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