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Bitcoin Falls; China Warn Miners

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Bitcoin Falls; China Warn Miners

Benzinga

4 Views • Nov 16, 2021

Description

Bitcoin fell 9% overnight, falling even closer to $60,000 as the crypto industry was hit with several negatives in a 24-hour period. President Biden, as previously reported, signed his landmark infrastructure bill, which includes new taxation requirements for cryptocurrencies. China is standing tough against crypto miners, issuing new warnings to stop mining tokens as the government crackdowns on the crypto sector and hopes to cut back on its carbon footprint. China’s National Development and Reform Commission said early Tuesday that it will continue to clean up the crypto sector even as an exodus of miners moves to safer locales. Even worse, Twitter ($TWTR@US) Chief Financial Officer Neg Segal told the Wall Street Journal that he doesn’t plan to invest his company’s money in crypto, saying it, “doesn’t make sense right now.” As a result, Bitcoin fell below $60,000, reaching as low as $58.702, then rebounding to just above $60,000. Bitcoin wasn’t the only token to suffer as Ether fell 7% to just over $4200 after the news broke.

Keywords & Tags

#crypto #cryptocurrency #china #nft #non-fungible token #crypto news #blockchain #President Biden #tech #Twitter #altcoins #digital asset #regulations #crypto broker #crypto mining #miners #government #carbon footprint #infrastructure bill #crackdowns #virtual currency #Bitcoin Falls #tokens #taxation #China Issues Warnings #China’s National Development and Reform Commission #Chief Financial Officer #Neg Segal #stop mining

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