LONDON/NEW YORK: Cryptocurrencies plunged on Friday, with bitcoin at one point sliding below $8,000 and headed for its biggest weekly loss since December 2013, as worries about a regulatory clampdown globally sent investors scrambling to sell.
The currencies have come off their lows but analysts said the sell-off was probably not over.
This week’s slump brought the total market value of cryptocurrencies down to around $400 billion, half the high it reached in January, according to industry tracker Coinmarketcap.com. The market value of cryptocurrencies is calculated by multiplying the number of digital coins in existence by their price, although many question whether that is the right way to value them.
Bitcoin, the biggest and best-known cryptocurrency, fell as much as 15 percent on Friday to a two-month low of $7,625 on the Luxembourg-based Bitstamp exchange. It clawed back some losses and was down around 4.1 percent at $8,623.50 in mid-morning New York trading.
The virtual currency is down by close to 25 percent this week and almost 40 percent in 2018.
The second and third largest virtual currencies, Ethereum and Ripple, also plunged more than 20 percent at the session low, Coinmarketcap.com said. Ethereum was last down 18.2 percent, at $913.37, while Ripple last traded at 80 US cents, down 16.7 percent.
Retail investors have poured money into digital coins, enticed by the huge run-up in prices. Regulators say cryptocurrencies are highly speculative and dangerous investments.
On Thursday, India vowed to eradicate the use of crypto-assets, joining China and South Korea in promising to ban parts of the nascent market where prices have boomed in recent years.
Social media website Facebook said this week it would ban cryptocurrency advertisements because many were associated with misleading or deceptive promotional practices. US regulators have sent a subpoena to two of the world’s biggest cryptocurrency players, Bitfinex and Tether
“The growing confusion revolving around the Indian government’s view on cryptocurrencies sparked uncertainty, consequently exposing bitcoin to downside risks,” said Lukman Otunuga, research analyst at FXTM.
“Price action suggests that bears are clearly in control, with further losses on the cards as jitters over regulation erode investor appetite further,” he added.
A massive $530 million hack of a Japanese cryptocurrency exchange last week renewed worries about the security of the industry.
Critics of virtual currencies have called the run-up in prices a speculative bubble, but supporters of cryptocurrencies say short-term price volatility is to be expected, and the blockchain technology underpinning these assets maintains its power and value.
Going back to 2011 and including the current selloff, bitcoin’s price has been halved nine times on the Bitstamp exchange before recovering. The last time was from November 2014 to January 2015.
Bitcoin tumbles as cryptocurrency sell-off intensifies
Bitcoin tumbles as cryptocurrency sell-off intensifies
Future Minerals Forum launches global index to track critical mineral supply chains
RIYADH: The Future Minerals Forum on Jan. 12 launched the “Future Minerals Index Report,” a first-of-its-kind global tool designed to measure and track progress in developing critical mineral value chains across producing, exporting, and consuming countries.
The initiative aims to support the creation of more resilient and responsible supply chains and promote sustainable development worldwide.
Khalid Al-Mudaifer, vice minister of industry and mineral resources for mining affairs, stated: “The Future Minerals Index Report is an unprecedented and essential document; it is an intellectual tool that highlights key trends in the mining and minerals sector, particularly in terms of insights and directions from sector stakeholders, including government leaders, global mining executives, experts, and interested parties.”
He pointed out that the report is distinguished by its tracking of developments in mineral supplies and its provision of actionable recommendations to ensure the sustainable development of critical mineral value chains.
Al-Mudaifer described the report as a new international benchmark that establishes a comprehensive baseline to measure the progress of governments, companies, and investors in enhancing more resilient and responsible mineral supply chains.
He said it provides a clear picture of how global critical mineral markets are shaped by capital, risk, and trust dynamics. “It shows where investment is growing or shrinking and identifies the widening gap between resource availability and capital allocation. Based on this baseline, the report will monitor changes in risk perceptions, investment flows, and progress toward more resilient mineral value chains.”
Ali Al-Mutairi, general supervisor of the Future Minerals Forum, emphasized the report’s importance and the attention it received at the forum due to its role in highlighting global trends in the mining sector.
He explained that the report was prepared in partnership with McKinsey & Co. and in collaboration with other sector experts, including S&P Global Market Intelligence, Global AI, and GlobeScan.
“It integrates stakeholder trends, data, market insights, and intelligence into a single reference that supports global mining and mineral sector decision-making,” he said.
Jeffrey Lorsch, partner at McKinsey & Co., commented: “The Future Minerals Index Report, by integrating market data, stakeholder perspectives, and value chain standards, provides a strategic roadmap to help companies navigate volatility and unlock long-term growth opportunities.”
The report is based on the “Future Minerals Framework,” developed with contributions from 47 experts across multilateral organizations, non-profits, and private companies. It was first introduced at the 2025 International Ministerial Meeting.
The framework outlines key enablers for end-to-end value chains, including supportive policies and regulations, innovative financing solutions to secure and manage investments, multimodal infrastructure such as roads, railways, and ports to reduce costs and increase viability, and sustainability through strong environmental and social governance frameworks.
It also includes talent development through education, training, R&D, technological modernization via updated geological data systems and global expertise partnerships, and geology through reliable, accessible geological data in producing, exporting, and consuming countries as a critical factor in attracting investment.
The report highlighted the world’s urgent need to sustain mineral supplies, featuring contributions from leading industry figures.
Robert Friedland, founder of Ivanhoe Mines, Ivanhoe Electric, and I-Pulse, stated that the electrification of energy systems, digitalization of the economy, and the rapid growth of artificial intelligence are converging toward a future that increasingly depends on minerals.
He stressed: “You can’t reduce emissions, build computing systems, or transport energy without mining.”
Bob Wilt, CEO of Ma’aden, said in the report: “We are not fully prepared to deliver the minerals the world needs. Our biggest challenges are not equipment, capital, or technology — but people.”
Duncan Wanblad, CEO of Anglo American, noted that global copper demand is expected to grow by 75 percent to reach 56 million tonnes annually by 2050. To meet this demand and offset declines from aging mines, the sector will need to open approximately 60 new mines the size of Quellaveco within the next decade alone.
Gustavo Pimenta, CEO of Vale, said in his contribution: “I can’t imagine a future without mining — at least not a sustainable one that balances economic development with environmental protection and social responsibility. Mining has become essential to everything.”
The release of the Future Minerals Index Report coincides with the upcoming fifth edition of the Future Minerals Forum, being held from Jan. 13 to 15, 2026, in Riyadh under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. The event is held under the theme “Minerals: Facing the Challenges of a New Era of Development.”
The forum will host a wide range of ministers and CEOs from leading global mining companies, reflecting its stature as a global platform in the mining sector and a key event showcasing Saudi Arabia’s leadership in shaping the future of minerals regionally and internationally.
