The price of bitcoin has again plunged below $60,000 despite a market-wide crash. Ethereum (ether), Binance Coin, and Solana (SOL) were among the several leading cryptocurrencies which are also tumbling in value, dipping between 5-10 percent on Tuesday morning.

According to the crypto market news, the largest digital token was found to have dipped to almost 8.2% with an estimated value of $58,661. Moreover, Ethereum which is second-ranked is about to tumble more than 10%. In addition, the global crypto market capitalization has also dropped by 10% in the past 24 hours which estimated a total amount of $2.7 trillion.

The speculators and indicators have also suggested that there would be a strong run for the volatile market and it is due for a pause.

In addition, some of the analysts also attribute the dip to the new tax-reporting requirements which are based on the digital currencies that are also a part of the $550 billion infrastructure bill that is mainly presented by President Joe Biden and signed on Monday.

“We’ve seen the U.S. infrastructure bill get signed, which has initiated a selloff from traders who are concerned about regulation and taxation,” said Hayden Hughes, chief executive officer of Alpha Impact, which is a social trading platform.

Also Read