Bitcoin leaves $ 60,000 in China under US control and repression through Investing.com

League Samuel Indic

Investing.com – Oil fell below $ 60,000 on Tuesday for the first time since November 1, following approval for a U.S. infrastructure project and new crackdowns on mining. Cryptocurrencies Weighs most of the major cryptocurrencies in China.

US Infrastructure Project

Last night, President Joe approved a project called the U.S. Infrastructure Project. The law incorporates new rules for the cryptocurrency industry, which expands the requirements for providing information through brokers.

Under the new law, digital property transactions exceeding $ 10,000 must be reported to the Inland Revenue Service (IRS). The transaction recipient must verify the sender’s personal information within 15 days of receiving the transaction.

The new reporting requirements are scheduled to take effect in 2024.

Mining repression in China

China’s additional claims on cryptocurrency mining weigh further on cryptocurrencies on Tuesday. The National Development and Reform Commission plans to further suppress any involvement of industrial-scale mines and state-owned enterprises.

China has also announced that it will consider punitive measures such as higher energy prices on companies that break the rules.

This is not the first time China has tried to control the cryptocurrency industry. In June this year, the country called on banks and other financial institutions to stop facilitating transactions and banned currency mining.

In September, China announced that all cryptocurrency transactions would be considered illegal.

Cambridge University data show that the hashtag of the Bitcoin network went to zero in mainland China in July as the miners left the country. China’s mainland share in the global hashtag was previously 75%.

The exact reasons behind China’s ban on cryptocurrencies are unclear, but some say China wants to restrict other cryptocurrency transactions due to the growth of the central bank’s digital currency (CBDC).

Technical film

After leaving $ 60,000, Bitcoin lowered its 50-day moving average to $ 58,750 and returned to $ 60,000.

If it falls below that level, support will be around $ 58,200, which is very low^{Oct. 27 and 28. Below that, $ 57,800 may act in support, as it represents the 61.8% Fibonacci level from the September low to November.}

“Bitcoin has broken support at $ 60,000, which could indicate further losses if it does not overcome opposition to that amount,” investment manager Victoria Scholar wrote on Twitter. “While this may seem like the biggest one-day sale since September, it is still at a 3-week low and still needs a 33% refund to be tested for the September minimum.”