As analysts went nervous about the unfavorable implications of the U.S. Infrastructure Bill which caused Bitcoin to dip by $1.5k, crypto traders remained impassive to this development and confident.
Despite this psychological barrier, Bitcoin managed to stay sturdy, staying at $45,000 as ‘Bit-bulls’ engaged in a tussle. A unique twist was introduced to the situation when the U.S. Senate failed to conclude the proposed amendment which would affect crypto service providers and crypto exchanges. What the consensus ended in was a bill in which under present circumstances would put a major stumbling block to the development of the crypto marketplace or industry in the U.S.
While one move from a U.S. Senator appeared to have crashed Bitcoin, the bearishness did not last long enough to cause serious damage to the market. One Senator, in particular, Senator Richard Shelby, took on the task of suppressing efforts towards facilitating positive change in the crypto industry. This was after the U.S. Senate refused to support his proposal to increase military spending.
Within minutes of this decision, the boomerang effect on Bitcoin took place: the price plunged by 3.4% in less than one hour from $46,200 to $44, 900. Shocking skeptics, Bitcoin has since recovered, standing at $46,353; a remarkable 5.61% increase. This increase is currently the best since the 5.9% spike of July 27.
While the pattern remains bullish, the recovery remains stunning. Currently, prices have successfully stayed past the 200 EMA and the crypto fear & greed index shows that the entire market is tilting towards greed. Not a surprising development. This inclination has been likened to the markets during the Bitcoin ATH.
For cryptocurrency, the future is not yet permanently stamped. Markets run with a forward approach in which traders take important decisions in line with future predictions. One factor which contributes to this is the volatility and freshness of the industry.
Notwithstanding, die-hard crypto advocates and champions continue to fight and lobby for the development of the crypto industry. While everyone is waiting hopefully for good news, Bitcoin traders are unmoved irrespective of the ax hanging over the industry’s head. It is also safe to say that Bitcoin has not changed and might remain that way for a while.
One good way to look at this is that the crypto industry has truly matured, hence the attention from governments. If the crypto industry did not have what it takes to influence and impact the world and the current system, then they’re probably would not be such rigorous deliberations on their place in the system and how they can be managed. This attention could turn out to be positive in the end.
Hence the crossed fingers of the crypto industry and the unfazed posture of Bitcoin traders.