The new infrastructure bill makes it clear the government has authority to collect taxes from cryptocurrency trading as it does from traditional assets
The new infrastructure bill makes it clear the government has authority to collect taxes from cryptocurrency trading as it does from traditional assets

The crypto market turned bearish Tuesday, with leading cryptocurrencies Bitcoin (BTC) and Ether (ETH) dropping by 3% and 5.3%, respectively, as sellers take charge of the market movement.

According to the data from CoinMarketCap, over the weekend, BTC was unable to retain prices above $23,000, an area of resistance, and as a result, dropped below $22,000. On the other hand, ETH tried to retain $1,500 and reclaimed $1,600 for a brief moment. However, it failed to go higher and dropped to the $1,400 price region.

As of 1:03 a.m. ET, the price of 1 BTC was $21,134 while 1 ETH was priced at $1,427. Furthermore, the market dominance of Bitcoin rose to 41.60% while that of Ether dropped to 17.9%.

The worst performers in the market include Polygon (MATIC) which dropped 8% to $0.7639; Near Protocol (NEAR) which dropped 9% to $3.74; Bitcoin Cash (BCH) which dropped 8.36% to $116.6; and Curve Dao Token (CRV) which dropped 11% to $1.18 as of 1:07 a.m. ET.

Other popular tokens that crashed include Ripple (XRP) which dropped 3% to $0.335; Cardano (ADA) which dropped 4.6% to $0.4718; Solana (SOL) which dropped 6% to $36; and Polkadot (DOT) which dropped 5.5% to $6.7 as of 1:09 a.m. ET.

The best performers include OKB (OKB) which rose 2.3% to 14.84%; Hive (HIVE) which rose 24% to $0.5616; Celsius (CEL) which rose 0.88% to $0.8911; and SushiSwap (SUSHI) which rose 4.86% to $1.35.

Bitcoin has collapsed by 65 percent in value since striking a record peak $68,991.85 in November

Bitcoin has collapsed by 65 percent in value since striking a record peak $68,991.85 in November Photo: AFP / Armend NIMANI