The FUD has already gained strength in the Bitcoin and cryptocurrency environment this week, but traders are too bullish on BTC’s price action.
Bitcoin (BTC) faces a whole new week leaving China’s latest “ban” behind, but its next “FUD” story is already a thing. The US infrastructure bill is striking back, so a final vote would take effect soon, and it would become a game-changer in the crypto world.
Simultaneously, fundamentals and on-chain metrics keep being more bullish than ever, with traders betting on a moderate price drop to a low price that does not surpass USD 36,000.
The day for the Infrastructure Bill will set a margin for the macro narrative shifts from China to the United States of America this week as lawmakers choose the fate of this alleged infrastructure bill. Bill H.R. 3684, which just passed the Senate, should get voted on definitively on Monday, despite rumors that it could face a delay.
The bill might include a controversial description of a “broker,” which could have more implications for crypto companies in the United States of America. There are efforts to change the situation. Figures like Wyoming Senator Cynthia Lummis and advocate Caitlin Long lead the way to set those changes.
The current text describes an intermediary as a person who commits to regularly provide any service related to transfers of digital assets on behalf of another person.
Since September 27, the bill has received at least 539 amendments. While it may be an obstacle to the local crypto industry, H.R.3684 would potentially matter too little to Bitcoin experts.
After the latest debacle of China’s ban, market sentiment has turned sensitive to “FUD” stories. Senator Lummis summed up on Twitter and expressed that Bitcoin is bipartisan, digital assets are apolitical.
A familiar story also appears in the scene regarding BTC spot price action this Monday: The BTC / USD pair returns to at least $ 44,400. That situation indicated the beginning of a resistance level, which finally generated rejection last week after the pair briefly broke above $ 45,000.
Lightning Network Surpasses its Usual Growth
Following last week’s fifth consecutive surge data explains that from now, Bitcoin will face a new difficulty readjustment to the upside. It would be his first six climbs since seven in mid-2019.
The hash rate is currently circling 145 exahas per second (EH / s) and only 23 EH / s from all-time highs. The statistics are the total proof of the conviction of the miners, as well as the extent of their return from the mass exodus from China just four months ago.
Regarding the consumer, the story is also very impressive. The Lightning Network, deprived of its adoption success story in El Salvador, would now be reaching at least 3,000 BTC in capacity. Since the very beginning of 2021, that capacity has almost tripled.
By: Jenson Nuñez
