Today, the cryptocurrency market capitalization dropped by 10%, reaching 2.7 trillion US$ after being around 3 trillion US$ for several days. Bitcoin's value dropped below 60K US$ and ether was approaching 4.2K US$.
The reasons are unclear, but obviously some investors pulled the money out of the market. They expected to cash in the gains of the recent increase and probably were concerned about the new law in the US which will criminalize the failure to report trading digital assets.
In addition to the above mentioned, China is looking into further punishing the cryptocurrency industry by stating that they will study the possibility of fining companies that are engaged in cryptocurrency mining.
For more information, read this article.
