Bitcoin dropped 20% from record highs earlier this November as a new variant of the coronavirus hit worldwide trading.
Today's trading at 11am saw Bitcoin plummet by 7.5% to $54,430.35 while Ether, the second largest digital currency, dropped 9%.
This comes as the Council of the European Union made two proposals generally aimed at promoting investor protection and mitigating cyber threats in the cryptocurrency industry.
The proposals, MiCA and DORA, are pending Parliamentary and Council negotiations, after which they will be applied throughout member states if approved.
The Council of the European Union (EU) ratified the proposals on 25 November covering Regulation on Markets in Crypto Assets (MiCA) and the Digital Operational Resilience Act (DORA).