Bitcoin Falls to $60,000 as Market Crashes

• The world’s biggest cryptocurrency Bitcoin fell more than 5% on Tuesday, dropping close to $60,000

• The sharp decline adds to its fall this week despite a recent upgrade of its blockchain

• The cryptocurrency market as a whole also took a huge step backward, losing 8% in value as the market capitalization crashed to $2.65 trillion

The cryptocurrency market fell on Tuesday morning with Bitcoin crashing towards the $60,000 level while Ether approached its lowest level in November.

The largest digital token fell by 5.5% to reach 60,369 as Ether tumbled by more than 6.8% in the same morning.

The global market cap of cryptocurrencies in the past 24 hours is down by more than 8% to $2.64 trillion, according to data from CoinMarketCap.

Some analysts have attributed the recent market dip to new tax-reporting requirements for digital currencies, issued by the president of the United States Joe Biden on Monday.

There are also major concerns about China’s continued crackdown on cryptocurrency and mining of the digital assets.

According to the National Development and Reform Commission spokesperson Meng Wei, the country will assess the option of levying punitive power prices for companies that mine cryptocurrencies.

Read also: Nigeria’s Bitcoin P2P Trading Volume Drops By 43% as CBN Cracks Down on Crypto

Despite the crash, the value of Bitcoin is up by more than 100% in 2021, while Ether has gone up by over 600%.

At the time of this report, the value of the flagship cryptocurrency is $60,600, while the crypto market is valued at $2.63 trillion.

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