Bitcoin fell below $60K as the US infrastructure bill is going ahead while the overall crypto market sheds $300 billion so let’s read more about it in our latest Bitcoin news today.
The entire crypto market is in a sea of red today with Bitcoin dropping to as low as $59,483 at press time which marks a 9.7% drop in the leading cryptocurrency. According to the data provided, $807.78 million worth of longs were liquidated in the past day and the BTC liquidations made up more than 30% of the total. This is the lowest level for Bitcoin since October 28 and the latest price action brought alogn the rest of the market as well as Ethereum. ETH as the second biggest digital asset by market cap, dropped by 11.3% and hit $4202 with the price level not being visited since the end of October.
Today’s change came right after both cryptocurrencies hit new highs week after week. Both BTC and ETH on November 9 reached a new all-time high of $69,044 and $4878 respectively. Other major crypto-assets like Binance Coin, Cardano, XRP, Solana, Polkadot, and DOGE are also down by double digits with the entire crypto market capitalization dropping from above $3 trillion to $2.7 trillion by press time. With the exact reason for today’s market drop remaining to be answered, there are a few bearish developments that can be attributed to the latest price action. The US president Joe Biden signed a $1.2 trillion infrastructure bill which is one of the reasons why Bitcoin fell below $60K. The bill included controversial crypto tax provisions for the entities that can be defined as brokers even if these entities don’t handle the funds.
Senators Cynthia Lummis and Ron Wyden opposed the bill and both of them introduced another idea that will see other actors being excluded from tax reporting requirements. China’s National Development and Reform Commission announced that it is doubling down on the government’s efforts to eliminate crypto mining processes in the region. The measures also mean higher power prices on companies that defy the ban which was introduced earlier this year. The new wave of bearish news seems to have scented a slight optimism from last week and remains to be seen however how long the bears will be in control. If you want to check the current price compared to hundreds of others, make sure to check out our Bitcoin price calculator here!
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