Leading cryptocurrency bitcoin has lost more than 7% in the last 24 hours, amid a sharp selloff in the sector. Rival ether is also down 8%. The slumps are part of a broader decline in the global crypto market, which has lost some $200B in value over the past day. It's tied to the $550B infrastructure bill signed into law by US President Joe Biden. The new spending programme mandates tougher tax reporting rules for cryptocurrency transactions.

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