Bitcoin was down on Monday after the world’s largest cryptocurrency hit its highest level since May over the weekend.
Bitcoin was down 6.2% to $ 39,226, according to CoinDesk. Ethereum lost almost 1% to $ 2,578 while Dogecoin fell 3.6% to 0.007 cents.
Total number of cryptocurrency users doubled in the first half of 2021
Bitcoin recently benefited from Tesla’s backing (TSLA) – Get a report CEO Elon Musk and Cathie Wood lead ARK Investment Management (ARK) .
“The past eight days appear to have improved market sentiment a lot,” said Seth Ginns, Managing Partner at CoinFund, an investment company specializing in the Blockchain space. “The bad news is now absorbed, and the good news is provoking rallies, in stark contrast to the trade regime of the past few months.”
There was also speculation that Amazon (AMZN) – Get a report would start accepting Bitcoin and other cryptocurrencies by the end of the year, but the internet retail giant has denied the report.
James Edwards, the cryptocurrency specialist at Searcher, said the rumor “sparked short pressure on Bitcoin, which excited the retail market and brought them back into the fold.”
“As such, the overall market has risen 30% in just over a week, with many altcoins posting gains far exceeding Bitcoin, Ethereum and other blue chip cryptos,” he said. -he declares.
The bipartisan infrastructure bill deals with cryptocurrency transactions. The bill aims to squeeze $ 28 billion in taxes from local stakeholders and Edwards said that sparked a slight sell-off.
“Given the current influence of the news cycle, don’t be surprised if events in the Senate dictate price action by August 9, when the bill is expected to be finalized,” he said. he declared.
Winston Ma, CFA and former North American director of China Investment Corp., China’s sovereign wealth fund, said governments around the world have stepped up efforts to legislate the industry.
In the past few days, Ma said, US Congressman Don Beyer has been pushing the “overdue process” of updating crypto regulations, while in Malaysia Binance has been ordered to shut down operations. August 9.
“The crackdown on crypto mining and trading in China that began in May was like the tipping point that urged regulators around the world to speed up the development of crypto-related laws in their own markets,” said Ma, author of “The Digital War – How China’s Tech Power Shapes the Future” of AI, blockchain and cyberspace. “