Cryptocurrency investors experienced an excellent week as things suddenly started to improve. BTC was already on an upward trend. However, recent inflation data and the Biden administration’s sharp change in attitude towards crypto have made investors very happy. So, what is happening?
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Today or by tomorrow at the latest, US officials will vote on a new cryptocurrency law in Congress. Last week, a law that received bipartisan support and made it difficult for the SEC regarding crypto had raised hopes. Now, with another law, the legal pressure on cryptocurrency investors in the US will decrease.
Moreover, according to recent news, the crypto market structure revision bill, FIT21, will not be vetoed. Although there are criticisms of the law, Biden’s decision to not veto, contrary to his previous statements, is clearly a price catalyst.
BTC price increased by approximately $400 for this reason, and it wouldn’t be surprising to see further rises with more news in the coming hours.
