Although Bitcoin is up a whopping 203% year over year, as of Thursday morning, it was trading below $57,000 — a more than 2.6% dip.
Last week, Bitcoin fell below $54,000 several times, which is the lowest it’s been since the beginning of October.
Bitcoin reached an all-time high of $68,000 on November 10, and some attribute its ensuing decrease to a $1.2 trillion infrastructure bill President Joe Biden signed on November 15, as the new legislation could have tax implications for crypto investors.
Coindesk Managing Director Emily Parker told Yahoo Finance, “We saw this in 2020 when the markets crashed due to Covid, fears of Covid.