This week, the Bitcoin price saw a decrease, setting a three-week law of nearly $55.700. Ethereum and most cryptocurrencies also faced decline. Currently, Ether trades at around $4.000, down by around 14% in the last seven days.
Related: China Adopts Unprecedented Strict Measures Against Crypto
A major reason for the market sell-off is new crypto regulatory rules in various countries. On November 15, US president Joe Biden signed the infrastructure bill that includes crypto transaction reporting rules.
China continues to apply strict regulation measures and watch that the residents of the country stick to the rules. Lately, the Communist party expelled Xiao Yi for being engaged in crypto mining activities.
Then, the government announced that there will be harsh penalties if any cases of crypto mining will be discovered.Israel, Taiwan, and Argentina also announced modifications in the crypto rules. The news caused bearish trend dominance in the market. Although there are few green lines in the crypto charts, some cryptos set records.
On November 18, Avalanche (AVAX) and The Sandbox (SAND) hit new all-time highs.
Trending: Finder: Bitcoin could hit $80,000 by 2025
Avalanche price broke above $110 and SAND set a new peak of $4.68. Both projects have been growing and presenting updates. Among the latest news is Avalanche's listing by Binance US and The Sandox's commencing the Sandbox Alpha event.