Crucial for traders! Bump in cryptocurrency market after the US Congress decision

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Crucial for traders! Bump in cryptocurrency market after the US Congress decision

Investing.com - Bitcoin , Ethereum and other top-10 cryptocurrencies are falling Tuesday morning after new legislation was voted down in the U.S.

Cryptocurrencies saw significant declines on Tuesday morning. According to the French edition of Investing.com, BTC/USD fell to the $60,500 level around 5 a.m. Tuesday morning. This represents a drop of more than 8% from the 66,320 maximum reached on Monday morning. Since then, the king of cryptocurrencies has rebounded slightly.

Ethereum is also experiencing serious declines, losing over 8.6% in 24 hours at the time of writing, while Polkadot is down over 9%. This is the most significant move among the cryptocurrencies in the top 10, with all of them recording 24-hour declines except stablecoin Tether reflecting the US currency.

Bitcoin less anonymous?

As the French edition of Investing.com notes, among the recent unfavourable news for cryptocurrencies, the passing of an infrastructure package in both houses of the U.S. Congress plays an important role. Its main purpose is to trigger public investment in U.S. infrastructure, but a side effect has also been to regulate cryptocurrencies more strictly. It has made it mandatory to report future crypto transactions over $10,000 to the IRS.

The market could read this as a reduction in the freedom and anonymity associated with cryptocurrencies. The Chinese dragon added fuel to the fire. Earlier this week, there was a statement from the PRC authorities regarding the fight against cryptocurrency miners.

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