Bitcoin slides to under $60K as China, U.S. tax rules weigh on crypto

Bitcoin (BTC-USD) drops ~18% from the record high it touched on Nov. 10, falling below $60K and showing that world's largest cryptocurrency remains highly volatile. Some analysts take the dip in stride. "Bitcoin correction is not a big deal," Craig Erlam, Oanda senior market analyst wrote, according to Bloomberg. Even if bitcoin (BTC-US) falls below $50K, it would be "relatively minor considering how far it's come in recent months," he said. China's renewed pressure on crypto and new U.S. tax-reporting provisions may also be weighing on the world's largest cryptocurrency. Bitwise CEO Hunter Horsely told Bloomberg that he looks for whether the drop is being triggered by a fundamental change or by flows and transitory sentiment. "This moves looks like the latter," he said. "When we look at the fundamental thesis and drivers of the space, they continue to look incredibly optimistic." Over the past 24 hours, bitcoin (BTC-USD) falls 3.1%. As for