Bitcoin slides to under $60K as China, U.S. tax rules weigh on crypto

Nov. 19, 2021 8:27 AM ETBitcoin USD (BTC-USD)SOL-USDBy: Liz Kiesche, SA News Editor15 Comments

Bitcoin cryptocurrency coin on the background of the chart

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  • Bitcoin (BTC-USD) drops ~18% from the record high it touched on Nov. 10, falling below $60K and showing that world's largest cryptocurrency remains highly volatile.
  • Some analysts take the dip in stride. "Bitcoin correction is not a big deal," Craig Erlam, OANDA senior market analyst wrote, according to Bloomberg. Even if bitcoin (BTC-USD) falls below $50K, it would be "relatively minor considering how far it's come in recent months," he said.
  • China's renewed pressure on crypto and new U.S. tax-reporting provisions may also be weighing on the world's largest cryptocurrency.
  • Bitwise CEO Hunter Horsley told Bloomberg that he looks for whether the drop is being triggered by a fundamental change or by flows and transitory sentiment.
  • "This moves looks like the latter," he said. "When we look at the fundamental thesis and drivers of the space, they continue to look incredibly optimistic."
  • Over the past 24 hours, bitcoin (BTC-USD) falls 3.1%.
  • As for other cryptos, ether (ETH-USD) rises 0.2%, Binance Coin (BNB-USD) rises 0.8%, Solana (SOL-USD) gains 1.6%, Cardano (ADA-USD) gains 1.9%; all remain below their highs reached last week.
  • Previously (Nov. 17), China pressures state-owned businesses to end cryptocurrency mining.

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