Bitcoin drops below $ 60,000 as the U.S. infrastructure bill comes out soon
Bitcoin fell below $ 60,000 as the U.S. infrastructure bill works while the total crypto market drops $ 300 billion. So let’s read more about it in the news on Our Newest Bitcoin Today.
The entire crypto market is in a red sea today, with Bitcoin falling to $ 59,483 at press time, a 9.7% decline for the top cryptocurrency. According to the data provided, long coins worth $ 807.78 million were liquidated last day, and BTC liquidations account for more than 30% of the total. This is the lowest level for Bitcoin since October 28, and the recent price action has affected both the rest of the market and Ethereum. ETH is the second largest digital asset by market cap, down 11.3% and priced at $ 4202 at a price that has not been visited since the end of October.
Today’s swing comes right after both cryptocurrencies hit new highs week after week. Both BTC and ETH hit new all-time highs of $ 69,044 and $ 4,878, respectively, on Nov. 9. Other large crypto assets like Binance Coin, Cardano, XRP, Solana, Polkadot and DOGE also fell double digits, while total crypto market cap fell from over $ 3 trillion to $ 2.7 trillion at press time. With the exact reason for today’s market decline still unclear, there are some downward moves that can be attributed to recent price action. U.S. President Joe Biden signed a $ 1.2 trillion infrastructure bill, which is one of the reasons Bitcoin fell below $ 60,000. The bill contains controversial crypto tax regulations for companies that can be identified as brokers, even if those companies are not handling funds.
Senators Cynthia Lummis and Ron Wyden opposed the bill, and both suggested a different idea that would keep other actors out of tax reporting requirements. China’s National Development and Reform Commission has announced that it will redouble government efforts to phase out cryptocurrency mining processes in the region. The measures also mean higher electricity prices for companies despite a ban introduced earlier this year. The new wave of bearish news seems to have sparked a bit of optimism from last week, and it remains to be seen how long the bears will stay in control. If you want to compare current prices to hundreds of other prices, check out our Bitcoin Price Calculator here!