Bitcoin has seen another 4% dip within the last 24 hours, taking down the global crypto market capitalization with it. Being the world’s largest cryptocurrency, it’s not exactly surprising how its downward movement has also brought about the global crypto market cap falling 5%. On November 10, Bitcoin attained an all-time-high price of $69,044, and so it’s present price below the $58,000 mark represents its lowest point in more than a month.
Bitcoin Not Exactly Crashing But Correcting
Without doubts, It’s been a rough day and a not-so-nice week for most tokens that are not directly linked with a metaverse. MANA and SAND tokens are literally selling digitally like it’s Christmas already. However, Shiba Inu for instance, has been bitten its owners with nearly 19% losses in the last 24 hours. Binance Coin (BNC) has been up and down, losing 8% in the process. Solana also dipped 9% after flying really high. And Cardano, XRP, and Ethereum all fell by 4%. The implication of all of this is that the crypto market has shed around $150 billion since Sunday, bringing it to 13% less than its value on Sunday.
But one might be curious what brought about these changes to a market that looked seemingly in an excited state.
On Monday, the U.S. President Joe Biden signed the $1.2 trillion infrastructure bill, which includes new tax reporting requirements for crypto custodians, and if applied on a broader scale too, stakers, miners, wallet providers, and software developers, too will be held by the new laws. Although some crypto enthusiasts find the bill’s provisions largely unrealistic as it mandates non-custodial actors to also supply customer information to the IRS — an information they probably aren’t privy to themselves.
How Exactly Does The Infrastructure Bill Affect The Largest Cryptocurrency In The World?
Although the reporting requirements are scheduled to go into effect later in 2024, investors may already think that the bill has a bad feel to it, and as regulatory scrutiny increases, the desire to hold Bitcoin as a long-term store of value might be frustrated.