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Cryptocurrency News: Why Is Crypto Down Today? 17 Things to Know

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.

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