Despite a vote in the Senate on an infrastructure bill that could be tremendously bearish for cryptocurrencies overall, the market has continued to rally this morning. The leading cryptocurrency, Bitcoin, is currently around 5% up for the day, and most other cryptos are following suit with a green swathe across the market. Bitcoin is trading above $45,600 at the moment.
The Senate delays voting on the infrastructure bill.
As reported earlier today, the U.S. Congress’s decision on the highly anticipated and controversial infrastructure bill is undergoing some delays because of the wording in its crypto legislation. When the bill was first announced, it noted that some of the costs would be offset through stronger enforcement of the crypto industry. The back and forth between senators first started when Senator Pat Toomey said that he would propose an amendment to the legislation because it didn’t “work.” The U.S Congress is having trouble deciding on the infrastructure bill over debates on cryptocurrency regulation.
Bitcoin shows strength at the time of adversity.
The leading cryptocurrency bitcoin is showing impressive strength at the time of adversity. The whole of the cryptocurrency sector is following the lead of Bitcoin. Ethereum is currently in the process of wiping out the correction of yesterday and this morning. Another $60 would see a new local high of $3190. The crypto market cap as a whole is on the up. The absolute bottom of $1.12 trillion has now risen back up to $1.83 trillion. The all-time high of $2.58 trillion reached in mid-May, when Bitcoin had reached over $64,000, is back in sight.