By Yasin Ebrahim

Investing.com – continued to face a battle to hold onto the key $60,000 level on Tuesday, as traders appeared to rein in their bullish bets on the popular crypto amid a slew of negative headlines.  

Although the price of $59,739.4 fell by 5.3%, it was briefly below $60,000. 

The reason for the slip in bitcoin wasn’t immediately clear, though market participants pointed to profit taking given the more than 100% gain the popular since its slip below $30,000 earlier this year. 

Others blamed China’s crackdown on BTC miners and the tax burden on Bitcoin holders following the signing of the $1 trillion infrastructure bill by President Joe Biden. According to the legislation, all cryptocurrency brokers will have to report transactions over $10,000.

But the crackdown on China-based miners isn’t new, and Chinese miners have lost their clout in the crypto world as mining power has shifted from East to West. 

Data published by the University of Cambridge last month shows that China has been overtaken by the United States as global leader in bitcoin mining networks. 

Amidst the wave of negative headlines, there was some positive news, however, as the Square said its mobile financial platform Cash App would add support for the Taproot Bitcoin upgrade by December.

The taproot upgrade — collectively made up of  a trio of updates, or Bitcoin Improvement Proposals – Schnorr Signatures, Taproot, and Tapscript – went live on Nov. 14 and sought to improve Bitcoin’s core cryptography in three ways: speed, privacy, and programmability.