Key points:
- Bitcoin prices slide below $95K
- Investors await US legislation
- Inflation to narrate price moves
Upcoming White House legislation is what traders are waiting for. Meanwhile, economic data will help keep things moving.
〽️ Bitcoin Dives Under $95,000
- Bitcoin prices
BTCUSD tumbled further to continue a lackluster week with traders pushing the token under $95,000 per coin. The OG cryptocurrency was looking tired and weary over the lack of fresh news that could stir the market and present some nice trading opportunities to market participants. - With that, traders are asking what should happen so that the crypto can bring back the animal spirits and rise again, potentially challenging the all-time high of $109,000? A couple major things.
📜 US Legislation as a Driver
- First, the US government and Trump’s select elite of crypto proponents are hard at work to whip up rules and regulations that could help the industry thrive and jive. Crypto czar David Sacks and a bunch of heads of agencies should next month present their proposal to President Donald Trump.
- And second, the wave of economic news and data continues to churn out new numbers. The US Federal Reserve is on Wednesday scheduled to drop its minutes from the meeting three weeks ago.
🏷️ Inflation as a Driver
- Inflation projections not meeting actual inflation might cause renewed jitters in the price of crypto, which has been increasingly sensitive to consumer prices. If inflation drifts toward the Federal Reserve’s 2% goal, it might spur fresh buying, leading prices higher. And if not, things may get uglier.
- Bitcoin’s current market prices under $95,000 are off by about 15% from the flagship token’s record high hit during the postelection rally in January.
