Cryptocurrency prices fell during Thursday’s Asian trading session after China’s two largest cryptocurrency companies confirmed plans to cut staff numbers due to a prolonged decline in cryptocurrencies.

Compared to January, Bitcoin’s market value is down 73.6% from its peak capitalization of $255 billion in January. As of December 26, Bitcoin’s capitalization, according to CoinMarketCap, amounted to $67.3 billion.

On Thursday, by 08:20 Moscow time, the Bitcoin rate fell by 2,35% to $3,731.8, and Ethereum fell by 4,85% to $126,68.

On the Poloniex exchange, the XRP rate decreased by 5,06% to $0,36673, the Litecoin rate by 5,62% to $30,017.

Cryptocurrency mining equipment manufacturer Bitmain Technology is planning to change its headcount this year, a company representative told The South China Morning Post. According to rumors on Chinese social networks, the company may lay off half of its employees.

“Part of this is to ensure that we focus on things that are fundamental to the mission of our company, without being distracted by secondary tasks. In the new year, we will continue to hire the most talented specialists from various fields of knowledge”, a Bitmain company representative is quoted as saying.

The South China Morning Post also reported that the Hong Kong Stock Exchange has decided not to approve Bitmain’s IPO bid for at least $3 billion.

On Wednesday, Chinese cryptocurrency exchange Huobi Group said it is working to optimize its workforce and will fire underperforming employees.

India plans to lift the ban on cryptocurrencies by legalizing them and, most likely, according to the Еhe New Indian Express, strengthening regulatory requirements.

An international committee recommended a complete ban on cryptocurrencies in mid-2017, but the committee now believes that digital currencies should not be dismissed as completely illegal. It is predicted that this committee will present its report to the French Minister of Finance.