(CNN Business) — Bitcoin has lost nearly half its value since its November high, and the cryptocurrency continues to slide as major economies look to curb its growing popularity.
And it’s not just about bitcoin, as cryptocurrencies in general had a dismal start to the year. Bitcoin has fallen more than 8% in the last 24 hours and was trading at $35,479 as of 9:30 a.m. (Miami time), according to CoinDesk. The world’s most valuable cryptocurrency has plunged more than 20% since the beginning of the year. In November it was trading at an all-time high of $68,990.
Their peers have fared worse. Ethereum, the world’s second most valuable cryptocurrency, has fallen more than 12% in the past 24 hours and was trading at $2,400 as of mid-morning on Saturday, according to CoinDesk. That’s a drop of nearly 30% since the start of the year.
Investors are getting nervous about digital currencies and other riskier assets since the US Federal Reserve signaled it could undo economic stimulus more aggressively than expected.
Governments are also cracking down. On Thursday, Reuters reported that Russia’s central bank has proposed a ban on cryptocurrency mining and use. Russia is one of the world’s largest cryptocurrency mining nations, but its central bank has said digital currencies may pose a threat to the country’s financial stability.
The Russian proposal comes just a few months after China launched a large-scale crackdown on cryptocurrencies, banning both trading and mining.
Other countries are also flirting with a ban on cryptocurrencies. In November, India said it was preparing to introduce a bill that would regulate digital currencies, although much about that proposal is still unknown. Earlier this week, Indian Prime Minister Narendra Modi said that global cooperation is needed to address the issues raised by cryptocurrencies.
However, not everyone is pessimistic. Goldman Sachs said that the price of bitcoin could reach more than $100,000 in the next five years. In a report released earlier this month, analysts at the bank said they saw strong gains ahead as bitcoin would increasingly steal more market share from gold.
Ramishah Maruf of CNN Business contributed to this report.