Bitcoin continued to plunge and is now trading below $ 60,000, the lowest level in three weeks. The reason was increased concerns on US taxation and stronger crypto crackdown in China.

According to data, BTC is down 3% to $ 55,500, declining for four consecutive days. Ethereum also fell 4% to $ 4,055, its lowest level since October 28. All major tokens have dropped by at least 10% over the past seven days.

The crypto industry initially performed very well this year, but concerns over tax provisions in the US and ongoing crackdown from China have dampened momentum.

Nevertheless, the hash rate, which measures the processing power of Bitcoin, has largely recovered from its mid-year crash when China resumed its crackdown on the crypto industry.

Bitcoin was near its 50-day moving average during Tuesday's plunge, but prices retreated below $ 60,000 on Wednesday.

Today, all attention should be given to the US Congress, as it will hold hearings related to cryptocurrencies.