Bitcoin BTC/USD traded below the psychologically important $60,000 mark at press time as the global cryptocurrency market capitalization declined 5.02% to $2.61 trillion.
What Happened: The apex coin traded 5.05% lower over 24 hours at $59,781.14 over 24 hours. Over a seven-day trailing period, it has fallen 10.71%.
Ethereum ETH/USD fell 6.92% over 24 hours to $4,181.82. For the week, the second-largest cryptocurrency by market cap has shrunk 11.25%.
Meme cryptocurrency Dogecoin DOGE/USD was down 7.72% at $0.23. It has lost 14.13% of its value over the last seven days.
Rival Shiba Inu fell 8.55% to $0.00004821 over 24 hours. Over seven days, it has fallen 11.24%.
The top gainers over 24 hours were The Sandbox, WAX, IOTA, and Avalanche, as per CoinMarketCap data.
The Sandbox shot up 30.66% to $3.51%; the coin touched an all-time high of $3.55 on Tuesday.
The Wax gained 13.98% to $0.838, IoTA appreciated 8.67% to $1.40, while Avalanche rose 6.23% to $96.25.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: President Joe Biden signed the infrastructure bill containing cryptocurrency tax provisions, which led to Bitcoin and Ethereum taking a plunge on Tuesday.
Sen. Ted Cruz (R-Tex.) said he has introduced legislation to repeal the infrastructure bill’s “Devastating Attack” on the “emerging cryptocurrency industry” in a tweet Tuesday.
Sen. Cruz Introduces Legislation To Repeal Infrastructure Bill’s “Devastating Attack ” On Emerging Cryptocurrency Industry
— Senator Ted Cruz (@SenTedCruz) November 16, 2021
https://t.co/Qu1QR63uFp
Meanwhile, the dip in major cryptocurrencies like BTC and ETH have attracted the attention of Peter Brandt, career futures trader and author of the “The Factor Report.” Brandt said he would be “interested” in buying BTC and ETH at $53,000 and $4,030 levels.
Charts of interest to me
— Peter Brandt (@PeterLBrandt) November 15, 2021
I am interested in buying $BTC around $53,000 and $ETH around $4,030 pic.twitter.com/neTqSkEFOR
Pseudonymous analyst “Kaleo” said Tuesday on Twitter that they believe “we'll see a blowoff top for this cycle prior to the end of Q2.”
#Bitcoin / $BTC
— K A L E O (@CryptoKaleo) November 17, 2021
Here's my roadmap based on halving reward era cycles I shared in February of 2019 when Bitcoin was $3,500.
I still believe we'll see a blowoff top for this this cycle prior to the end of Q2 for this halving reward era (late March / early April 2022). pic.twitter.com/QA1rQ565qX
The long-term story of Bitcoin and Ethereum is still intact, but things look “cloudy” in the short term as per Oanda Senior Market Analyst Edward Moya.
“Bitcoin and Ethereum seem poised to finish the year as one of the top performing assets, but if we see Wall Street grow nervous over a policy mistake by the Fed, cryptos would get hammered. Bitcoin’s longer-term outlook is still much higher, but the short-term outlook is cloudy at best,” Moya wrote in an emailed note.
Read Next: Bitcoin Dips Lower, But If Support Holds, It Could Be A Good Thing
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