Biden Infrastructure Cryptocurrency Trading Policy. Will Bitcoin Gold Momentum stop?

The global cryptocurrency market value fell 10% on Tuesday, for a total loss of $ 2.7 trillion.

Cryptocurrencies fell on Tuesday. Bitcoin fell below $ 60,000 and at press time it was still struggling below this issue. Ether bottomed this month, falling more than 10% from its recent high.

According to data traced by the CoinGecko company,The global cryptocurrency market value fell 10% on Tuesday, for a total loss of $ 2.7 trillion.

XTB market analyst Walid Koudmani said:

“Bitcoin is approaching its high history after a few days of highs and lows. Many cryptocurrencies have tried faster but we have seen declines. The market is not very volatile. Impact on dominoes.

Crypto-related products are also affected, including the share price of the cryptocurrency exchange Coinbase Global Co., Ltd. at one point fell about 4%. MicroStrategy Inc., Marathon Digital Holdings Inc. and Riot Blockchain Inc. also lost.

Previous reports have shown that the recent sharp divergence in this negative cryptocurrency market needs to be stopped.

Some analysts also believe a correction in the cryptocurrency market stems from the $ 550 billion infrastructure bill Biden signed on Monday.The bill introduces new tax rules for cryptocurrency “brokers” who regularly provide asset transfers such as Coinbase.

The new rules would require those companies to provide the IRS with information about their clients, including name, address, phone number, total cryptocurrency sales, and investment gain or loss.

Hyden Hughes, Alpha Lost CEO,

"The signing of the US Infrastructure Act has led to a massive sell-off of merchants concerned about regulation and taxation."

The value of Bitcoin has more than doubled this year, and Ethereum has also increased over time. Digital assets have benefited, driven by growing demand and uncertainty that digital assets can hedge financial risk, while Bitcoin and Ethereum prices are on the rise.

Fiona Cincotta, chief financial markets analyst at City Index, said:

"Bitcoin has been developed so far, and there will be more attempts to control and regulate it, but this will only affect its current appeal."

Noelle Acheson, Director of Marketing for Genesis World Trade, said:

"This decline appears to only correct the market turbulence. Volatility is decreasing and the asymmetry indicator for Bitcoin options has entered negative territory."

Note: The Delta Skew 25% indicator is a risk price option indicating a similar call (buy) and offer (sell) option alongside. If the protection offered by a premium option is for a similar risk, the indicator will fall into the negative range, which is often defined as “greedy”.

Many analysts are looking for clues to determine Bitcoin's next move. Now Bitcoin has gone from its support to its 50 day moving average.

Investment industry Miller Tabak Co., and Matt men wrote noted in the notice. If Bitcoin drops to around $ 59,000 by the end of October, it looks like the lows will fall and the market outlook will get worse.

A drop below $ 50,000 at the end of the month will break the different line from the July low, but will not be offset by further declines. Marley says:

"Bitcoin suffered heavy losses, but it is only weak after rising again in the past six weeks."