Cryptocurrency investors experienced an excellent week as things suddenly started to improve. BTC was already on an upward trend. However, recent inflation data and the Biden administration’s sharp change in attitude towards crypto have made investors very happy. So, what is happening?
Why the Legislative Shift Is Significant?
Today or by tomorrow at the latest, US officials will vote on a new cryptocurrency law in Congress. Last week, a law that received bipartisan support and made it difficult for the SEC regarding crypto had raised hopes. Now, with another law, the legal pressure on cryptocurrency investors in the US will decrease.
What Does Biden’s Decision Mean for the Market?
Moreover, according to recent news, the crypto market structure revision bill, FIT21, will not be vetoed. Although there are criticisms of the law, Biden’s decision to not veto, contrary to his previous statements, is clearly a price catalyst.
Concrete Implications for Investors
- Legal pressure on U.S. crypto investors will ease with the new law.
- Biden’s decision not to veto FIT21 is boosting market confidence.
- BTC prices increased by approximately $400 following the news.
- Further price rises can be expected with more positive news.
The Result
BTC price increased by approximately $400 for this reason, and it wouldn’t be surprising to see further rises with more news in the coming hours.