Bitcoin Falls Significantly As Bull Rally Slowly Ends

Bitcoin recently lost 5% of its final price. Many experts suggest the drop could be due to the U.S. infrastructure bill.

The end of last month-July 2021 year was somewhat favorable for the price of bitcoin. However, the rally now appears to be falling as most investors fear the account. A few days ago, the price rose to $ 42,400 but did not fall to $ 39,667.19.

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Many experts, including Daniel Maple Finance, think the drop could be due to many people still being unsure about the infrastructure bill.

Bill causes bitcoin to fall below $ 40k mark
The first version of the infrastructure bill was dedicated to drafting the demands and expanding the scope of the word “broker.””This was done to give clarity to investors, decentralized exchanges and others who can trade in cryptocurrency.

Kim said the initial reaction to the bill was uncertainty, fear and doubt. As a result, many exchanges began to attract funds, automatically reducing liquidity. In such a case, the price of cryptocurrency has fallen.

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Last month, BTC ftx reserves increased, while Binance bitcoin reserves decreased by 70,000. Mr. kim notes that this release has also contributed to panic in the community. Before all these problems, Bitcoin had broken its resistance of about $ 42,000.

After an incredible rise this weekend, bitcoin has hit rock bottom / source: btcusd on TradingView.com
Even the coin held its” ten-day winning streak ” on Sunday, August 1, the longest in 8 years. But unfortunately, the same evening price fell 5.5% in the 24-hour December.

Bill Summary
For now, the bill is still being debated in the U.S. Senate. The goal is to increase tax revenues by a trillion dollars to fund infrastructure to improve the country. But Senate plans to raise $ 28 billion

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