Bitcoin discounted 14% from its record high and trades below $ 60,000

Bitcoin discounted 14% from its record high and trades below $ 60,000
Bitcoin discounted 14% from its record high and trades below $ 60,000

Bitcoin, the most popular cryptocurrency, continues its downtrend and is trading at the level of $ 58,300, which represents a drop of 8% in the last week.

According to market data, the virtual currency operates this Monday away from the USD 63,421 with which it closed last Monday and even more from its all-time high recorded on the 10th of this month when it reached $ 68,991 during the session.

In the last seven days, the cryptocurrency has marked its minimum at USD 55,663, last Friday, 19.3% less than its historical maximum.

Bitcoin started to fall and lost the $ 60,000 level on November 16 when the president of the United States, Joe Biden, signed the infrastructure plan, which includes rules for companies that handle cryptocurrencies.

The recent drop is also attributed to China’s repeated warning about its control of state-owned companies not to carry out cryptocurrency-related activities, which it considers illegal.

Last week, both the Senate and the House of Representatives of the United States implemented a draft Infrastructure Law, which was criticized – and feared – by many advocates of the cryptocurrencies, is now officially a law in the North American country.

At a ceremony in front of the White House on November 15, President Joe biden signed before an audience of journalists, legislators and union workers the bill that contemplates a budget of One billion dollars.

A bill in the US requires that, from now on, transactions with digital assets for more than USD 10,000 are declared to the tax authorities

While the regulations are intended to provide funding for the construction of roads, bridges, Internet access, solar panels, electric vehicle charging stations, and other major infrastructure projects, lawmakers included lines that apply to cryptocurrencies prior to approval in both houses of Congress.

The approved initiative will apply stricter rules for companies that handle cryptocurrencies and will expand the tax filing requirements for brokers. The bill requires that, henceforth, the digital asset transactions worth more than USD 10,000 are reported to the Internal Revenue Service, or IRS.

Only in the last week the price of Bitcoin contracted by 8% and moved away from the barrier of USD 60,000

A group of senators originally proposed an amendment to the bill that would have clarified tax reporting requirements for cryptocurrencies, but this proposal failed to pass in August.

In this context, investors are preparing for a week of lower volume in the markets, due to the Thanksgiving celebration in the US, while they are very aware of the effect of inflation on the purchasing power of consumers.


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Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Phone : +1 281-333-2229

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