President Joe Biden signed the infrastructure bill on Thursday, which included a provision that would authorize $2 billion in federal funds for new and improved roads. This is good news for America’s highways and bridges, but was bad news for Bitcoin because it had been trending upwards recently and this led to some people selling their Bitcoins while others held out hope of making more money.
The “infrastructure bill crypto update” is a recent news story that has been trending on the internet. The article discusses President Joe Biden signing a bill that will create an infrastructure plan for the United States.
Bitcoin is plummeting, and it’s plummeting hard, as the world’s most valuable cryptocurrency falls below $60,000 for the first time.
A Sea of Red Crypto
Since Bitcoin has been a popular topic, the most talked about and worrisome aspect of the currency has been its tremendous volatility. What do you mean by volatility?
We recently reported yesterday that the total market capitalization of crypto assets has risen to above $3 trillion, with $100 billion added to the total in only one day. Now that we are just 24-hours ahead, there is a sense of desolation in the market, as the BTC has lost roughly $7,000 in the last 24-hours. At the moment, every single one of the top 50 cryptocurrencies by market capitalization is in the red. If we’re being honest, the crypto market right now seems to be a sea of red. According to Coinglass, $807.78 million in liquidations have been completed in the previous 24 hours. Only BTC is responsible for 30% of the liquidations.
The stock is now trading slightly at $60,000, down 8%. Since October 28th, the BTC had not fallen below $60,000.
ETH is following suit, with the token losing about 10% of its value throughout the day. Out of the top 50 cryptocurrencies, more than half have lost more than 10%, while others have lost just a fraction of that.
The Reason for the Decline
While the exact cause of this recent decline is unknown, there have been a few of occurrences that might have contributed to it.
President Joe Biden recently signed the $1.2 trillion bipartisan infrastructure, investment, and employment act, which contains measures that impose insufficient taxes on cryptocurrency since many members of the community who do not actually handle any assets would be considered brokers under the legislation.
Second, China’s government has reaffirmed its stance on cryptocurrency, with the country’s National Development and Reform Commission (NDRC) announcing Wednesday that it is stepping up efforts to prohibit crypto mining.
The “what is one bitcoin worth” is the question that many people are asking. The cryptocurrency went down below $60K after President Joe Biden signed the infrastructure bill.
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