Bitcoin Slides As Investors Fear Biden's Crypto Bill, CryptoMich Not Worried

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Bitcoin is trading at a three-week low price of some $56,000 on Friday as investors prefer to remain sidelined. Fears over regulatory intervention and Biden’s infrastructure bill containing a new portion on crypto taxes have inserted a waiting game into the cryptosphere. Whales seem eager to step in at a lower point.

One of those nights where you know: ‘If I wake up tomorrow, #Bitcoin can be at $52K or $62K.’

Nice, really like those nights.

— Michaël van de Poppe (@CryptoMichNL) November 18, 2021

Alex Kuptsikevich, an analyst for trading site FxPro explained that:

Downward momentum is hardly a good sign; pay attention to the cautious approach of bulls, which are not in a hurry to buy and waiting for more precise entry signals.

Dutch analyst Michael van de Poppe, known as CryptoMich, was less worried, claiming yesterday evening that it’s:

One of those nights where you know: ‘If I wake up tomorrow, Bitcoin can be at $52K or $62K.

Infrastructure week

US President Joe Biden joked that ‘infrastructure week’ had finally started when he was offered a stimulus package for signature, but for the crypto industry it might have serious consequences.

Congressman Patrick McHenry, a Republican from North Carolina, included a provision for defining crypto companies more specifically into the bill, which could result in taxes for anyone who’s earned a windfall from Bitcoin in 2021.

The Keep Innovation in America Act seeks to repeal the reporting requirements of the infrastructure bill and clarify the meaning of “broker.”@namcios covers the news:https://t.co/yqR1xuR4rp

— Bitcoin Magazine (@BitcoinMagazine) November 18, 2021

He stated:

On the one hand, we have the Infrastructure Investment and Jobs Act that President Biden signed into law on Monday. It includes digital asset reporting requirements that threaten to push innovators and entrepreneurs overseas.

This would leave the U.S. as a passive observer of a rapidly evolving industry. On the other hand, we can fix these poorly constructed standards and ensure they are compatible with how this new technology actually works.