Representation of cryptocurrencies are seen in this illustration photo taken in Krakow, Poland on June 29, 2021 (Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)

According to CoinMarketCap, the global market cap of cryptocurrencies currently stands at $2.02tn. Photo: Jakub Porzycki/NurPhoto via Getty

Cryptocurrency prices moved lower in early trade in London on Tuesday, pulling back after a day of gains that saw the global market cap surpass $2tn (£1.45tn) for the first time since May. 

Bitcoin (BTC-USD) headed 1% lower to around $46,700. Ethereum (ETH-USD), the second largest token, also declined 0.9%. 

Meanwhile, Dogecoin (DOGE-USD) which had rallied over the weekend, was almost flat at 10.45am. 

According to CoinMarketCap, the global market cap of cryptocurrencies currently stands at $2.02tn. 

Watch: What is bitcoin?

The retreat comes days after the cryptocurrency industry failed to win a change to tax reporting rules in the US’s infrastructure bill. Legislation passed on Tuesday last week has outlined broad oversight of digital currency.

Some analysts said that the recognition from lawmakers of the crypto market was potentially a legitimising event and a recognition that it was here to stay, even if it served to pull the reins on it.

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