Bitcoin Falls, Ether Falls Amid Large Crypto Drop, Economy News & Top Stories

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SINGAPORE (BLOOMBERG) – Cryptocurrencies fell on Tuesday (November 16), with Bitcoin slipping towards the US $ 60,000 level and Ether hitting one of its lowest levels this month. Bitcoin, the biggest digital token, fell 4% to around US $ 61,400 as of noon in Singapore.

Ether, ranked second, slipped to 6.8%. The market value of cryptocurrencies around the world has fallen by around 7% in the past 24 hours to reach 2.8 trillion US dollars (3.8 trillion Singapore dollars), according to crypto tracker CoinGecko.

“We saw the US infrastructure bill get signed, which sparked a massive sell-off from traders concerned about regulation and taxation,” said Hayden Hughes, CEO of Alpha Impact, a platform. form that allows investors to copy strategies. other crypto traders.

He also voiced concerns over China’s continued regulatory crackdown. The country will explore the possibility of levying punitive electricity prices for companies involved in cryptocurrency mining, Meng Wei, spokesperson for the National Development and Reform Commission, said at a conference Press.

The new tax reporting requirements for digital currencies are part of the $ 550 billion infrastructure bill that US President Joe Biden has just passed. China, meanwhile, has imposed a broad crackdown on the crypto industry for many months, in part due to the energy consumption and potential environmental fallout from Bitcoin mining.

Bitcoin has more than doubled this year, while Ether has increased sixfold. The two hit record highs last week amid a fervor for digital assets driven by speculative demand and controversial arguments that they can hedge inflation risks.

Some technical indicators had suggested that the strong advance in cryptos was due to a pause. Digital tokens are in any case notoriously volatile. It “would be unusual to continue making progress without corrections,” said Mr. Vijay Ayyar, head of Asia-Pacific with crypto exchange Luno.

He argued that “we are seeing a healthy pullback” after a protracted rally.

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