Bitcoin BTCUSD, -0.12% was trading near $55,920 Monday afternoon, down 5.8% over the past 24 hours and down 10.6% during the past seven days, according to CoinDesk data. Ether ETHUSD, +0.12% tumbled 6.7% in the past 24 hours, recently trading at around $4,061. It logged a 9.3% loss over the past seven days. The two largest cryptocurrencies have been under pressure since President Joe Biden signed into law on Nov. 15 a $1 trillion infrastructure bill, which contains a provision that would require brokers of digital assets to record and report transactions to the Internal Revenue Service starting 2023. Blockchain gaming and Metaverse-related tokens continue to rally after Facebook FB, -1.10% changed its name to Meta to show its resolution to build a Metaverse. Gala rose about 2.1% over the past 24 hours to $0.4, contributing to a 302% gain over the past seven days, according to CoinMarketCap. The Sandbox rallied 12.6% over the past 24 hours to $4.4, with a 60% gain over the past seven days. Decentraland went up 2.9% during the past 24 hours to $3.85, notching a 21% gain over the past seven days.
U.S. financial markets are closed Thursday for Thanksgiving, and will close early on Black Friday.
Frances Yue covers the cryptocurrency market as a Reporter for MarketWatch.
