The bitcoin rate collapsed by more than ten percent on November 16, according to data from the CoinGecko platform. The most popular cryptocurrency dropped to $ 59,377.

Bitcoin has lost about 12 percent in a week, with a market capitalization of $ 1.1 trillion now.

Bitcoin is falling in price amid the emergence of information that China is preparing new restrictions in the field of cryptocurrencies. One of the new measures is the introduction of higher electricity prices for companies that continue to ignore the government ban on Bitcoin mining.

At the beginning of November, the cryptocurrency beat historical records; on November 10, the rate reached a maximum of 69 thousand dollars. Sector representatives expected the bitcoin rate to rise to $ 100,000 by the end of 2021.