Bitcoin and Ethereum retreat after Biden inks infrastructure bill

Bitcoin was back near US$60,000 whilst Ethereum traded near US$4,300.

Major cryptocurrencies including Bitcoin and Ethereum pulled back from near-record levels in Tuesday’s early deals.

Bitcoin was back at the US$60,000 level, retreating around 7%, whilst Ethereum was 8% lower at US$4,298.

Alt-coins Solana and Cardano were off 6% and 4.8% at US$225 and US$1.95 respectively, whilst Ripple’s XRP was off 6.47% at US$1.12. Polkadot gave up around 9% to US$42.11.

The Dogecoin and Shiba Inu ‘meme-coins’ were 6.26% and 2.4% lower respectively at US$0.2453 and $0.0000512.

It comes as President Joe Biden on Monday signed the new US infrastructure bill into law which – along with unlocking investments in transportation, broadband, and utilities – also rubberstamped new rules that tighten the rules for businesses handling crypto.

The bill also puts new mandates on brokers, which must now report any digital asset transactions over US$10,000 to the Internal Revenue Service.