The world’s largest digital currency has fallen by more than 4% in the last 24 hours. The movement seems to be due to profit-taking after a strong rally.
Bitcoin fell to $60,350, down more than 11% from a record high of $69,000.
In the last 24 hours, the cryptocurrency market has declined across the board. According to crypto analysts, there is no news driving the decline so far.
President Biden approved a bill to force crypto holders in the U.S. to report crypto holdings worth more than $10,000. The bill will enforce stricter rules for companies that manage cryptocurrencies and expand reporting requirements for brokers. In addition, the bill will require citizens to report transactions involving digital assets worth more than $10,000 to the IRS.
Since June, the value of Bitcoin has more than doubled. This was supported by the launch of a Bitcoin futures exchange-traded fund in the United States and upgrades on the blockchain.
At the same time, an upgrade called Taproot was released last Sunday. This allows the blockchain to perform more complex transactions, which could expand the use of virtual currencies.
This upgrade makes it more competitive with Ethereum in terms of “smart contract” computation.
Smart contracts are manually executed transactions whose results depend on pre-programmed inputs.