Crypto currencies fell on Tuesday, Bitcoin briefly fell below $ US60,000 and Ether hit its lowest level this month in the most recent recession.
It hit the biggest digital imitation market, down 8.2 percent before declining by half. The slide to $ US58,661 was the biggest drop since September 24. Secondary ether fell more than 10 percent before posting losses. Tracker CoinGecko says global cryptocurrency prices have fallen 10 percent in the last 24 hours to $ 2.7 trillion.
Walid Kudmani, an XTB market analyst, said: “After several days of profits, many other altcoins are reaching a new high and we are seeing a significant reversal of Bitcoin’s lows.” “The high volatility of the market could lead to a domino effect if a lot of negative news emerges and prices are pushed to a new low.”
Crypto-Average shares also traded higher, with Coinbase Global Inc., a crypto exchange, falling by an average of 4%. Micro Strategy Inc., Marathon Digital Holdings Inc. And Riot Blockchain Inc. They all fell.
Technical indicators point to a slowdown in the volatile market.
Some analysts have blamed President Joe Biden’s $ 550 billion infrastructure bill for digital currencies as a result of the new tax reporting requirements signed into law on Monday.
“We’ve seen the signing of the US Infrastructure Bill,” said Hayden Hughes, CEO of Alpha Impact Social Marketing Forum.
The law imposes new reporting requirements on cryptocurrency “brokers” that routinely provide services that transfer digital assets such as Coinbase. Under the new requirements, those companies will have to provide Iris, including their customer information, with their name, address and telephone number; Total revenue from sales; And any capital gains or losses.
Hughes expressed concern that China would continue to impose sanctions. National Development and Reform Commission (NDRC) spokesperson Meng Wei said in a statement that the country will study the imposition of sanctions on companies involved in crypto mining.
Fiona Sincota, senior financial market analyst at City Index, said: “Bitcoin is constantly evolving – with many attempts to control it. “It just takes the edge off the picture.”
Meanwhile, in an interview with Dow Jones on Monday, Twitter’s chief financial officer said it was pointless to invest in the company’s cash on cryptocurrencies such as Bitcoin. Twitter founder and CEO Jack Dorsey is one of the strongest supporters of encryption currencies.
Bitcoin has more than doubled this year, but Ether is about six times that. Records recorded last week amid a growing interest in digital assets in speculation and controversy over both inflation risks.
“This seems to be just a correction from the bullshit it was building in the market – volatility was declining, BTC options skew negative territory,” said Noel Achesen, head of market awareness at Genesis Global Trading.