Bitcoin tumbles towards $60,000 after China fires another warning at crypto miners and Biden's $1 trillion infrastructure bill becomes law
markets.businessinsider.comAlex Wong
Bitcoin tumbled towards $60,000 on Tuesday, after being hit by a combination of bearish factors, including the $1 trillion US infrastructure bill that brings tougher rules on crypto-trading taxes and a new warning to Chinese firms about mining from Beijing.
Bitcoin fell by more than 10% at one point, dropping below $60,000 for the first time since late October. It was last trading at around $60,604, marking a near-8% drop over the last 24 hours by 06:58 am ET.
President Joe Biden's spending bill is primarily to upgrade America's public works system. But it also comes with some new rules for crypto brokers, who must now report transactions worth over $10,000 to the tax authorities. Critics have said the term «broker» is too vague and
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