Never a dull day in the crypto market... Bitcoin (BTC-USD) tumbled as much as 8% overnight to $60,600 amid broad losses in the crypto sector. In fact, the global crypto market cap fell 7% in the past 24 hours to $2.8T, according tracker CoinGecko. Possible catalysts? New tax reporting requirements: "We've seen the U.S. infrastructure bill get signed, which has initiated a selloff from traders who are concerned about regulation and taxation [for digital currencies]," noted Hayden Hughes, CEO of crypto strategy platform Alpha Impact. Another broad crackdown: China is studying the option of levying punitive power prices for companies that are involved in cryptocurrency mining, National Development and Reform Commission spokeswoman Meng Wei said at a press conference. Trading patterns: It "would be unusual to keep moving up without corrections," said Vijay Ayyar of crypto exchange Luno, adding that investors are seeing a "healthy pullback" after a sustained rally. Sector news: Riot
