What Has Happened? Crypto Market Bathed in the Red Ocean!

 Total cryptocurrency market capital has decreased by $ 216 billion since yesterday in a market correction. This incident has sent the total value of the crypto market to a figure of $ 2.78 billion.

This is the second time the market has faced a massive correction in November after investors began taking profits last week, November 11, causing the market to slump $ 125, billion.

Total market value has now fallen back to early November levels as major crypto assets continue to make corrections from recently reached all-time highs.

Among those who triggered FUD in the crypto market was the President of the United States (US), Joe Biden who passed a bipartisan bill worth $ 1.2 trillion at a ceremony at the White House.

It is understood that the bill not only focuses on the rehabilitation of public infrastructure, but also involves increasing the law on cryptocurrency business and brokers are required to report cryptocurrency tax and other related requirements.

On the other hand, the Chinese authorities announced to take stern action to block any crypto operations in their country. This time around, Chinese regulators have targeted their own state -owned entities. The government has issued a warning to companies to stop mining crypto assets and is likely to impose electricity price hikes on companies that do not comply with China’s crypto ban.

At the time of writing the Bitcoin price, BTC is trading at the $ 60,355.97 price level. Market players are now focusing on BTC support levels which are between $ 58k and $ 60k.

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