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Bitcoin and the rest of the crypto market is down after approval of the Infrastructure bill

Bitcoin and the rest of the crypto market is seeing aftershocks of the US infrastructure bill. Flagship currency saw a significant drop of 9.7% and reached a price of $59,483. A big amount of $807 million in long position has been liquidated and 30% of these positions were open in the BTC.

The US President Joe Biden signed the $1.2 trillion infrastructure investment and Jobs Act into law on Monday. As discussed many times before this bill was controversial due to crypto tax provisions for the entities that now can be defined as “Brokers”. Senators Cynthia Lummis and Ron Wyden have heavily opposed the bill.  Soon after this bill was signed, Bitcoin and the rest of the crypto market went down.   

Data from CoinGecko shows that the price of the flagship currency went down by 9.7% and reached a low of $59,483. Everyone from the crypto world saw the impact and associated it with the infrastructure bill. Bitcoin and the rest of the crypto market is facing this issue. For example, the price of Ethereum also went bearish and lost its value by 11.3%, and recorded a low of $4202.

Bitcoin and the rest of the crypto
Price chart of BTC by Tradingview

This is the lowest level the world’s largest cryptocurrency has seen since October 28. The latest price action has dragged the rest of the market down as well. Data from the Coinglass shows that Bitcoin and the rest of the market are in complete shock as long positions worth $807 million were liquidated in 24 hour period. 30% of these liquidated long positions were of BTC. 

At the time of press, the price of BTC is trying to maintain its position above $60k price mark. For more content click here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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