Bitcoin approaches $60,000, as Ether reaches one of its all-time lows in November

<p>As of 12:32 p.m. in Singapore, Bitcoin, the largest digital token, was down 4% to roughly $61,300. Ether, which was ranked second, fell as much as 6.8 percent. According to tracker CoinGecko, the global cryptocurrency market cap has decreased by over 7% in the last 24 hours to $2.8 trillion.</p> <p>Bitcoin plummeted towards the $60,000 barrier on Tuesday, while Ether fell to one of its lowest levels this month.</p> <p>As of 12:32 p.m. in Singapore, Bitcoin, the largest digital token, was down 4% to roughly $61,300. Ether, which was ranked second, fell as much as 6.8 percent. According to tracker CoinGecko, the global cryptocurrency market cap has decreased by over 7% in the last 24 hours to $2.8 trillion.</p> <p>"We've witnessed the passage of the US infrastructure bill, which has sparked a selloff among traders concerned about regulation and taxation," said Hayden Hughes, chief executive officer of Alpha Impact, a platform that enables investors to replicate the methods of other cryptocurrency traders.</p> <p>"More recently, we've heard allegations that the Chinese government is preparing to impose new limits on large-scale Bitcoin mining, including state-owned firms," he continued.</p> <p>New tax reporting rules for digital currencies are included in President Joe Biden's recently signed $550 billion infrastructure plan. Meanwhile, China has launched a sweeping crackdown on the cryptocurrency business, owing in part to the energy consumption and potential environmental impact of Bitcoin mining.</p> <p>Bitcoin has more than doubled in value this year, while Ether has nearly quadrupled. Both achieved new highs last week, owing to a passion for digital assets fueled by speculative demand and contentious claims that they may be used to hedge inflation risks.</p> <p>Certain technical indicators indicated that the bull run in cryptos was about to come to an end. In any event, digital tokens are extremely volatile.</p> <p>"It would be unusual for prices to continue rising without adjustments," Vijay Ayyar,