Bitcoin Hits Monthly Low As Global Crypto Market Capitalization Dips 5%

Mayowa Adebajo
November 19, 2021
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Reasons Why Bitcoin Price Is Dropping Despite Fed Rate Cut Odds?

Bitcoin has seen another 4% dip within the last 24 hours, taking down the global crypto market capitalization with it. Being the world’s largest cryptocurrency, it’s not exactly surprising how its downward movement has also brought about the global crypto market cap falling 5%. On November 10, Bitcoin attained an all-time-high price of $69,044, and so it’s present price below the $58,000 mark represents its lowest point in more than a month.

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Bitcoin Not Exactly Crashing But Correcting

Without doubts, It’s been a rough day and a not-so-nice week for most tokens that are not directly linked with a metaverse. MANA and SAND tokens are literally selling digitally like it’s Christmas already. However, Shiba Inu for instance, has been bitten its owners with nearly 19% losses in the last 24 hours. Binance Coin (BNC) has been up and down, losing 8% in the process. Solana also dipped 9% after flying really high. And Cardano, XRP, and Ethereum all fell by 4%. The implication of all of this is that the crypto market has shed around $150 billion since Sunday, bringing it to 13% less than its value on Sunday.

But one might be curious what brought about these changes to a market that looked seemingly in an excited state.

On Monday, the U.S. President Joe Biden signed the $1.2 trillion infrastructure bill, which includes new tax reporting requirements for crypto custodians, and if applied on a broader scale too, stakers, miners, wallet providers, and software developers, too will be held by the new laws. Although some crypto enthusiasts find the bill’s provisions largely unrealistic as it mandates non-custodial actors to also supply customer information to the IRS — an information they probably aren’t privy to themselves.

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How Exactly Does The Infrastructure Bill Affect The Largest Cryptocurrency In The World?

Although the reporting requirements are scheduled to go into effect later in 2024, investors may already think that the bill has a bad feel to it, and as regulatory scrutiny increases, the desire to hold Bitcoin as a long-term store of value might be frustrated.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Mayowa Adebajo is a fintech enthusiast with a decade-long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.