Bitcoin drops toward $60,000, Ether falls amid broad cryptocurrencies dip

Cryptocurrencies fell on Tuesday, with Bitcoin sliding toward the $60,000 level and Ether touching one of its lowest levels this month.

Bitcoin, the largest digital token, was down 4% at about $61,400 as of 1:32 p.m. in Singapore. Second-ranked Ether slid as much as 6.8%. Global crypto market cap has dropped some 7% in the past 24 hours to $2.8 trillion, according tracker CoinGecko.

“We’ve seen the U.S. infrastructure bill get signed, which has initiated a selloff from traders who are concerned about regulation and taxation,” said Hayden Hughes, chief executive officer of Alpha Impact, a platform that allows investors to copy