Cryptocurrency news for Tuesday includes investors asking why crypto is down today and we’ve got all the details.
Let’s jump right into the latest cryptocurrency news below!
- One of the biggest bits of news affecting crypto today comes out of China.
- The National Development and Reform Commission (NDRC) announced today that it plans to continue its restrictions on crypto.
- That includes efforts to weed out crypto mining companies in the country.
- One of the biggest issues listed is the energy consumption that goes into mining cryptocurrency.
- This is at odds with China’s plan to be carbon neutral by the time 2060 rolls around.
- Energy concerns also have Kazakhstan considering additional measures against crypto.
- This could include additional taxes and regulations on crypto miners.
- That comes as the country deals with the extra stress that crypto mining is putting on its energy grid.
- While staying on the subject of infrastructure, the new bill signed into law by President Joe Biden is also affecting crypto today.
- This law includes new definitions for “broker” that could see extra taxes for crypto traders.
- That’s part of an effort by the U.S. Government to raise additional revenue by taxing crypto.
- Adding to this extra stress on crypto are recent statements from Twitter (NYSE:TWTR) CFO Ned Segal.
- He says that investing in crypto “doesn’t make sense right now.”
- That’s due to the volatile nature of crypto and Twitter typically prefers to make more stable investments.
- This cryptocurrency news is surprising considering Twitter founder and CEO Jack Dorsey is a fan of crypto.
- All of this news resulted in Bitcoin (CCC:BTC-USD) briefly dipping below $60,000 this morning.
- It’s worth noting that when BTC rises or falls, other cryptos typically move in sympathy with it.