In the last week, both cryptocurrencies have fallen by almost 8%.
The latest series of price drops can likely be attributed to the mining industry, which has experienced several developments that may have put further pressure on prices.
Last week, Bitcoin miners saw a drop in mining difficulty of over 1%, according to data from Blockchain.com.
Bitcoin mining difficulty, which tracks how difficult it is for a miner to mine Bitcoin, has previously impacted the price of the flagship cryptocurrency.
Back in July 2021 and in the wake of China’s crackdown on the crypto industry, Bitcoin mining difficulty dropped by 28%. At the time, Bitcoin was priced at approximately $34,000 and was soon dipped below $30,000.
According to the Tehran Times, Iran is also set to increase penalties for illegal cryptocurrency mining using subsidized state electricity.