(CNN) – Cryptocurrencies have had a dismal start to the year and continue to plunge as the world’s major economies seek to rein in their growing popularity.
bitcoin fell 7% over the past 24 hours and was trading at $39,097 as of 3:00 a.m. ET, according to CoinDesk. The world’s most valuable cryptocurrency has fallen more than 15% since the start of the year. In November, it was trading at an all-time high of $68,990.
His peers have done worse recently. Ethereum, which is the second most valuable cryptocurrency in the world, has fallen almost 8% in the past 24 hours and is now trading at around $2,895, according to CoinDesk. It is down nearly 20% since early January.
Investors have been wary of digital currencies and other riskier assets since the US Federal Reserve signaled it may roll back economic stimulus more aggressively than expected.
Governments also prevail. On Thursday, Reuters reported that Russia’s central bank had proposed a ban on the use and mining of crypto. Russia is one of the biggest crypto-mining nations in the world, but its central bank has said digital currencies can pose a threat to the country’s financial stability.
The Russian The proposal comes just months after China launched a full-scale crackdown on cryptocurrency, banning both trading and mining.
Other countries are also flirting with a crypto ban. In November, India said it was preparing to introduce a bill that would regulate digital currencies, although much is still unclear about this proposal. Earlier this week, Indian Prime Minister Narendra Modi said global cooperation was needed to solve the problems posed by cryptocurrencies.
However, not everyone is pessimistic. Goldman Sachs Says Bitcoin Price Could Hit Over $100,000 in the next five years. In a report released earlier this month, analysts at the bank said they expected strong gains ahead as bitcoin steals more and more market share from gold.
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