Bitcoin below $ 60,000 after record jump, other Altcoins including Ethereum also declined, know what is the reason

On Tuesday, all major cryptocurrencies including bitcoin recorded a sharp decline.

Cryptocurrency News: After reaching record highs in the past few weeks, all major cryptocurrencies, including bitcoin, recorded a sharp decline on Tuesday. Data from CoinMarketCap shows that bitcoin has dropped below the $60,000 level. In this, there has been a decline of more than 11 percent in seven days. With this, Ethereum fell by 11.38 percent to $ 4,176, from $ 4,808 on November 12. In addition, all other top altcoins such as Binance Coin, Solana, Cardano, XRP, Polkadot, Dogecoin, and Shiba Inu have registered double digit declines over the past seven days and 24 hours, although this does not include USD Coin and Tether. . At the time of writing this report, bitcoin is trading at its lowest price since October 28 at $59,408. Bitcoin hit its all-time high of $68,622 on November 10, after which it declined just seven days later.

SEBI introduced investor charter to protect the interests of investors, know what is special in it

What do experts say

Mudrex CEO and Co-Founder Edul Patel told Financial Express Online, “Bitcoin price analysis shows that it has been trading in a downtrend for the past one month. However, bitcoin continued to grow due to heavy investments by some big players. When the trade volume is low, some big players can give the market the direction they want. And when beer dominates, retail players run for cover, pushing the market further down. It was exactly what we saw in the last 24 hours.”

Cryptocurrency Investment Made Easy: Investing in cryptocurrencies will be easy, Mudrex introduced new schemes like mutual funds, know full details

According to a Bloomberg report, analysts say that this fall in the crypto market is due to the new tax policy on digital currencies in the US, which are part of the $55,000 million infrastructure bill. The law was signed by President Joe Biden on Monday. Hayden Hughes, CEO of social-trading platform Alpha Impact, was quoted as saying in the report, “We have seen the signing of the US infrastructure bill, which has triggered a selloff by traders who want to reduce regulation and taxation. Worried about it.”

(Article: Sandeep Soni)