By Samuel Indyk

InveIt is possible toing.com – The price of fell back below $60,000 on Tuesday for the first time since 1^stThe November US infrastructure bill passed and the crackdown against cryptocurrency mining in China had a significant impact on major digital currencies.

US Infrastructure Bill

Yesterday, President Joe Biden signed into law the highly-anticipated US infrastructure bill. New rules were included in the legislation for cryptocurrency, which will increase reporting requirements for brokers.

Digital asset transactions of more than $10,000 must be reported under the new law. The recipient of the transaction will need to verify the sender’s personal information within 15 days of the transaction.

This new reporting requirement will be in effect starting 2024.

China Mining Crackdown

Additional comments from China regarding cryptocurrency mining added to the cryptocurrencies’ weight on Tuesday. National Development and Reform Commission intends to continue cracking down on both industrial-scale Bitcoin mining and state company involvement.

China has also indicated that it may consider punitive measures such as raising power prices against those companies which violate its rules.

It’s not the first time that China has attempted to rein in the cryptocurrency industry. China instructed banks and financial institutions in June to cease facilitating cryptocurrency transactions. It also banned the mining of currencies.

China declared that cryptocurrency transactions would now be illegal in September.

The following data was obtained from University of CambridgeIt was shown that Bitcoin network havehrate in Mainland China dropped to zero as miners left the country in July. Previously, Mainland China’s share of the global hashrate had been as high as 75%.

It is unclear exactly what the motives are behind China’s blanket ban on cryptocurrencies, but some have suggested that China’s development of its own Central Bank Digital Currency (CBDC) may be why China wants to limit other cryptocurrency transactions.

Technical picture

Bitcoin plunged through $60,000 before falling to its 50 day moving average of $58,750. Bitcoin then found support, and bounced back to $60,000.

If you break that level, support is available at $58,200. This low was seen 27 years ago.^Th• 28^Th October. Below this level, and $57,800 can act as support because it is the 61.8% fib value from the September high to the November peak.

“Bitcoin has broken support at $60k, which could point to more losses unless it can break back above round number resistance,” writes interactive investor Head of Investment Victoria Scholar on Twitter (NYSE:). “Although this is shaping up to be the biggest one-day sell-off since Sept, its only at 3 week lows with a 33% further drop required to test the September trough.”

Bitcoin traded lower at 10.55 GMT, around $59,800, and was currently trading at 9.2%.