Bitcoin plunged nearly 6% to $ 56,000, dragging many virtual currencies into free fall, pushing the market into a "fire storm".
According to updated data from CoinDesk, at 6:30 am this morning of November 19, Bitcoin price stood at $56,810, down 5.8% equivalent to each coin "flying" $3,518.

In the last 24 hours, Bitcoin price traded the highest at 60,690 USD, and the lowest transaction recorded at 56,527 USD.

Data from CoinMarketCap shows that the amount of Bitcoin traded in the past 24 hours is about 41.2 billion USD, the market capitalization recorded at 1,072 billion USD.

The virtual currency market was covered in red when most virtual currencies fell into decline. Ethereum is down 6.8%, Binance Coin is down 8%, Cardano is down 4.9%, Solana is down 10.7%, Rippel is down 5.5%, Polkadot is down 7.5%, Shiba Inu is down 11.8%...

The strong decline caused the total capitalization to fall to $2,470 billion, equivalent to "flying" 6.08%.

According to professional traders, the US's passage of an infrastructure spending bill that includes taxing and tightening regulations on virtual currencies may be the reason why the cryptocurrency market is depreciating.

Another cause is information about the Chinese government announcing new restrictions on large-scale Bitcoin mining.

Earlier this year, China tightened controls on Bitcoin mining, prompting miners to move elsewhere. Beijing is concerned that mining will consume a lot of energy. This has caused the price of Bitcoin to be turbulent.

However, there are still many forecasts that virtual currencies will take off and can reach the $100,000 mark by the end of 2021.
Axact

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