Newscasts - Crypto Weekly: bitcoin woes and power usage blows

Bullish

20/11/2025 12:07

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_06ac7z0d&referenceId=tag:reuters.com,2025:newsml_RW347920112025RP1_930&pageId=Newscasts
Source: 'Reuters - Business videos'

Description: Bitcoin plunges below $90,000 and Malaysia's state utility reveals illegal power usage by cryptocurrency miners, Ciara Lee rounds up the top crypto stories of the week. 

Short Link: https://lseg.group/47SIXJz

Video Transcript:

From Bitcoin's value woes to illegal power usage by crypto miners in Malaysia, this is Crypto Weekly. Bitcoin rebounded on Thursday after plunging to a seven-month low below $90,000 the day before. It's the latest sign that investor appetite for risk taking is drying up across financial markets. The risk-sensitive cryptocurrency has lost all this year's gains and is now around 26% below its October peak. According to tracker CoinGecko, about $1.2 trillion has been wiped off the total market value of all cryptocurrencies in the past six weeks. Kraken, one of the world's largest cryptocurrency exchanges, said it has confidentially filed an initial public offering in the US. That's as digital asset companies look to tap the new listings market before the 2026 midterm elections. Companies such as stablecoin issuer Circle and crypto exchanges Gemini and Bullish have made strong debuts in the US this year. US senators pressed Michael Selig over his nomination to lead the Commodity Futures Trading Commission. President Donald Trump's nominee was challenged over his plans to overhaul cryptocurrency regulations and election betting among other hot button issues. Selig is currently Chief Counsel for the Securities and Exchange Commission's crypto task force and an advisor to Trump's Republican SEC Chair Paul Atkins. Malaysia's national utility firm Tenaga Nasional BHd has incurred losses of more than $1 billion. It's from illegal power usage by cryptocurrency miners between 2020 and August this year. TNB found over 13,000 premises had illegally used power to mine crypto over the period.